George Maloof backs Seattle bid for Kings before NBA

Jeff Zillgitt and Sam Amick, USA TODAY Sports | USATODAY

NEW YORK — Hedge fund manager Chris Hansen outlined the financial terms, Microsoft CEO Steve Ballmer expressed Seattle's enthusiasm for bringing an NBA team back to the city and Sacramento Kings owner George Maloof Jr. "expressed strong support for moving forward with the deal that they've made with Chris Hansen," Seattle Mayor Mike McGinn said.

In a 90-minute presentation on Wednesday to an NBA joint committee made up of owners and team representatives, the Seattle group made its formal to buy the Kings from the Maloof family, move the franchise to Seattle and rename the team the Seattle SuperSonics.

Hansen, a Seattle native, met with reporters for nearly five minutes, but declined to divulge many details of his group's presentation.

""We were very well prepared. We're optimistic. The ownership group is very enthusiastic and the NBA's got a tough decision to make," Hansen said. "We're hopeful in an outcome in our favor."

Hansen and Ballmer did most of the talking, according to McGinn, but the Seattle group was also represented by McGinn, King County Executive Dow Constantine along with investors Peter and Erik Nordstrom and former NBA player and team executive Wally Walker.

Also present in the Seattle presentation were Sacramento Kings owners Joe, Gavin and Phil Maloof, members of the family who own the Kings.

While both McGinn and Constantine addressed the Maloofs preference to sell the team to the Seattle group, Hansen avoided the Maloof topic. He seemed relieved he had his day in front of the NBA.

"My confidence is really just from the fact that we've really been working hard on this for two 2½ years and you really have to appreciate that – 883 days to be exact since we've started on this mission," Hansen said. "As anybody in Seattle can appreciate, it's taken a tremendous amount of work, acquiring real estate, negotiating with local government officials, going through the environment process, arranging our financing and negotiating with the Maloofs.

"It took a lot of work just to get us to that point. It was really nice to condense that into a 90-minute presentation and put our best foot forward."

The Seattle group made its presentation to a joint committee of NBA governors from the advisory finance and relocation committees, and the Sacramento group followed.

Expansion was not a topic addressed in the presentation, McGinn said.

There are potential holdups to the Seattle deal. Seattle Initiative 91 stipulates the city must make a not lose money on the deal. A hearing on lawsuit maintaining the arena deal, which includes $200 in public money, will not generate a positive return.

"The city will in fact have a positive return on their investment over the course of this agreement. We feel good about that," Constantine said.

The arena deal also needs to go through an intensive environmental review.

"All in all, we're in solid shape legally, politically, financially and we're ready to go," Constantine said.

If approved on a timely basis, the arena could be completed in two years, but McGinn said he did not want to "make an ironclad timetable." It could even be three or four years before the arena is completed in Seattle.

Before leaving New York, Hansen left this message on sonicsarena.com: "Before we head to the airport to catch our flights home I just wanted to let you all know our presentation this morning went very well and we leave NYC with a feeling of great optimism. Being able to demonstrate the breadth and depth of support from all of you was a critical part of our presentation. You should all be very proud of what you have helped make possible. I can't tell you how much I appreciate it.

"I also want to thank Mayor Mike McGinn and King County Executive Dow Constantine for helping us make our case. Their presence here today was a clear demonstration of the great political support for bringing our Sonics home. #GoSonics"

Sam Amick reported from Sacramento.