The Kings Agreed To Opt Out Of Revenue Sharing, Because The NBA Sucks
Summary of 2 articles · Updated May 6, 2013
Software billionaire Vivek Ranadive, who hopes to purchase the Kings and complete a deal with local government to build a new arena in Sacramento, agreed to give up potentially tens of millions in revenue sharing from other owners to help sway them to reject the Seattle option, sources told ESPN.com. Once the team moves into the proposed downtown arena, the Kings would take no money at all. The would-be new owners of the Sacramento Kings made a crucial and costly concession last week ahead of a relocation vote by NBA owners that may have been a deciding factor in keeping the team from moving to Seattle. According to the Sports Business Journal, Ranadive helped sway the owners' votes by promising to forgo money that would normally be afforded to him from his fellow owners under the league's revenue-sharing model.