The NBA owners voted today to reject the move of the Sacramento Kings to Seattle. The Vote as 22-8 in favor of rejection. David Stern has said that he anticipates that the Maloof family (Kings current owners) will sell the team to a group of investors from Sacramento. The Sacramento group is putting up $525 million. The Seattle group led by hedge fund manager Chris Hansen, and Microsoft CEO Steve Ballmer, had put up a record $625 million dollars to buy and a record $115 million in relocation fees. Yet the owners still said no. What I don't understand is how the NBA can ask the Maloof family to sell their team to the Sacramento group for $100 million less then they are being offered from the group in Seattle? I'm no law expert, but is it legal to force someone to take less money for something? Isn't that an anti-trust violation?
I read a quote posted that said CAPITALISM is ORGANIZED CRIME. I respectfully disagree... Not only is this country as successful as is it BECAUSE of our free capitalism, but this story illustrates who the real 'organized criminals' are.
Contract law, when buying a team the owners agree to terms and conditions of the future sale/relocation of that team, mainly that such a sale is subject to the approval of the other owners and the league itself. The league will do what's best for the league not necessarily what is best for the selling owner. The NBA must feel that it is better for the league for the Kings to remain in Sacramento while maintaining the option of relocating another team to Seattle or starting another franchise there, like what happened in Baltimore when the Colts left in the NFL.
