NBA Commissioner David Stern held a press conference in Oakland on Friday, and stated that Sacramento's bid is not yet where it needs to be. Stern said there was a "significant variance" between the two bids, and that Sacramento's bid must improve before the NBA's Board of Governors would consider it.
While this may seem like horrible news, Stern said there was still time for Sacramento to improve their bid, and that he expects Sacramento's bid to be competitive by the BOG meeting. Stern also had a few other choice notes, including the note that Seattle's $30 million down payment would not be a factor in the decision.
Stern also noted that the Maloofs have made the process difficult for a Sacramento-based bid to be considered, but that the NBA BOG would take control of the process and, essentially, that the Maloofs would not be controlling the outcome.
A breakdown of the press conference from those who watched it directly:
Stern: There is a substantial variance between Seattle-Sac bid.— Richard Sharp (@kcrarichard) March 9, 2013
Stern:Thinks Sac bid needs to be better to meet the Seattle bid.— Richard Sharp (@kcrarichard) March 9, 2013
.@itsjonsantiago asks about $30M deposit and if it matters. Stern: No. It's a part of the purchase price.— Aaron Bruski (@aaronbruski) March 9, 2013
He says the Maloofs have set up a "labored" process on these Seattle/Sac considerations. He says the BOG will assert control, however.— Tony Bizjak (@TonyBizjak) March 9, 2013
It sounds as though the Maloofs have put fail safes in to avoid a Sacramento bid from being considered. BOG will do what's best for NBA.— James Ham (@James_Ham) March 9, 2013
"In SAC we have a somewhat labored process that has been setup by Maloofs as to how we'd get into agmt w/ a SAC purchaser."— Aaron Bruski (@aaronbruski) March 9, 2013
"That process will ultimately be determined by the board, not by the Maloofs on how to assess that."— Aaron Bruski (@aaronbruski) March 9, 2013
Lots of headlines from stern:Sac bid needs to be bigger. maloofs will not have final say on sale. Stern meeting Mastrov at Oracle tonight.— stevelarge_cbs13 (@largesteven) March 9, 2013
On the variance between the offers Stern said he expected that to be reduced by the time the owners vote.— Aaron Bruski (@aaronbruski) March 9, 2013
My takeaway from David Stern's press conference tonight in Oakland...Stern practically continues to draw SAC a treasure map to success— Sean Cunningham (@News10Sean) March 9, 2013
"It will take some work in both cities BTW, we don't have a building deal done in SEA."Mentions permits, EIR, litigation.— Aaron Bruski (@aaronbruski) March 9, 2013
And a calming insight from our friend Carmichael Dave:
There's no reason to milk. Hansen offer is in.They're done. Legally sealed. Basically a silent auction, and the auctioneer is helping a side— Carmichael Dave (@CarmichaelDave) March 9, 2013