Kelley L Cox-US PRESSWIRE
The Kings are still in Sacramento, and the rumor mill may be moving too quickly when it comes to reports of a potential sale. According to sources quotes in a story at The Sacramento Bee, "no formal offer has been made" at this point and "no deal is done."
The NBA rumor mill exploded on Wednesday and reports emerged that the Sacramento Kings franchise will reportedly be sold to a Seattle-based group, but a recent story at The Sacramento Bee quotes sources who say "no formal offer has been made" at this point "no deal is done."
The Kings have declined to comment on the potential deal, and Sam Amick of USA Today Sports says the league has issued a league-wide gag order on the subject, but sources have told the Sacramento Bee that the rumors are out ahead of reality at this point:
"One source, who declined to be named because he is not authorized to speak on the matter, told The Bee that discussions between the Kings and Seattle financier Chris Hansen are only 'conceptual' at this point. "
"...Another source characterized media reports Wednesday of a potential sale as 'premature,' and said the Seattle group has not made a formal offer."
..." 'If someone was to put a crazy number on the table, their perspective could change,' said a source with connections to the team. "'f somebody like a Hansen were to actually make an offer, which hasn't happened yet, and that offer was ridiculous, things could change.' "
The fact that nothing is official could just be a symptom of careful business planning and negotiation, however, as other media outlets have suggested the deal could be completed by the end of the month. As for the price tag on the Kings, the $500 million figure tied rumors may qualify as the ridiculous offer that could change things. In 2011, the Detroit Pistons were reportedly purchased for $325 million, and in 2012 the Memphis Grizzlies were purchased for $377 million, so the rumored offer from the Seattle-based group for the Kings is highly competitive.
For complete coverage of the situation, be sure to check out SBNation NBA's dedicated StoryStream.