Seattle group raises bid on Sacramento Kings to $625 million
Days before the final owner vote, the Seattle group raised their bid on the Kings to $625 million. Chris Hansen, the leader of the Seattle group, announced he was raising his offer for 65 percent of the Kings from $358 million to $406 million, bringing the total bid of the Seattle investors from $550 million to $625 million.
The bid is offered to the Maloof family, who own a majority of the Kings. The increase was made in hopes to sway owners as they vote on Hansen’s bid to move the Sacramento Kings to Seattle. From ESPN’s report:
“While we appreciate that this is a very difficult decision for the league and owners, we hope it is understood that we really believe the time is now to bring the NBA back to Seattle,” Hansen said in a statement. “It is paramount that we do everything we can to put Seattle’s best foot forward in this process.”
In response, a Sacramento team led by Vivek Ranadive has produced a $525 million bid, with $250 million of that stemming from public funding. With the final vote by the owners a week away, Sacramento mayor Kevin Johnson feels good about the future of the Kings in Sacramento. From ESPN:
“We feel very confident about the position we are in right now. The NBA leadership and owners have always said that their decision would not be dictated by a bidding war,” Sacramento mayor Kevin Johnson said in a statement Friday. “This was always about whether Sacramento, a community that has supported the NBA for 28 years, can put together a plan and organization to ensure the franchise can rebuild and thrive.
To put the bidding war into perspective, the Memphis Grizzlies sold last October for $377 million.