Mayor Johnson Assembling Local Owners
The sale price of the Kings isn’t $525 million. That’s where the deal “values” the team, what would be sold is the 53 percent the Maloofs own ($278 million) and the 12 percent ($63 million) owned by minority investor Bob Hernreich – or a total of $341 million changing hands. From that figure more than $100 million is going to the NBA and the city of Sacramento.
Enter Sacramento Mayor Kevin Johnson.
Mayor Johnson is assembling an ownership group that would be willing to “net” the Maloofs and Bob Hernreich the same money and maybe a little more in order to keep the team in Sacramento and plans to again appeal directly to the NBA Board of Governors.
Mayor Johnson successfully convinced the Governors to block the Kings move to Anaheim in 2011 and has been granted another face to face meeting with the Board of Governors directly on this issue.