Posted May 10, 2013

Seattle group raises bid on Sacramento Kings to $625 million

NBA

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.


9 comments
ptrain9
ptrain9

its not a bidding war if the other side won't up their price. the nba is in a lose-lose right now if they cost the maloofs around 75million in cash with the last 2 offers.

sangwoo29
sangwoo29

Sure Kevin but Seattle was screwed by the league as Seattle had more rich history than Sacramento. If the league goes in favour to approve the bid with $100m minus, wonder how they will attract fundings going forward. Private investors will stay away from the NBA and we all know who will pay the debt... Tax payers... Bidding war is not right but at the same time the league screwed everything the momnet teams from Vancouver, Seattle, and Charlotte were allowed to move. Where is Stern to explain the mess???

brixtonbomber
brixtonbomber like.author.displayName like.author.displayName 2 Like

 @sangwoo29 What did Seattle do to keep the Supersonics?

CMeininger
CMeininger

 @brixtonbomber  @sangwoo29 There was nothing that was going to be acceptable or feast enough for Stern & the Fat Cowboy they were in cahoots on this deal to get Bennett a team in his home town! If that was so important the NBA should has given oklahoma an expansion franchise not move the Supersonics after 41 years in the Northwest!!!!!

sporra01
sporra01

 @brixtonbomber  @sangwoo29 what the hell could we do? We were paying off two stadiums, Safeco Field & Century Link Field, we were going thru the economic collapse and The NBA and David Stern expected the taxpayers to finance a brand new Arena...??? Seriously? They knew the voters were going to say no to an Arena deal, It's the equivalent of some shmarmy greasy pick-pocket taking your wallet while you're getting an enema from the IRS. 

R17
R17

 @touseyd  You're the freaking idiot. Quit pissing and moaning because Seattle manages its finances better than you California retards. Seattle has a deeper NBA history than that dump Sacramento. And, we were an expansion team, not one stolen from Kansas City. Does California even has it's own teams? They've pretty much stolen them all. Moron.

doghockey
doghockey

 @touseyd  Hey, you even signed your post.  Nice touch.  There is nothing that the politicians/hacks won't lie about/go into debt over while sticking the California taxpayers with the bill.   Amusing to see you leading cheers for the graft and corruption.

touseyd
touseyd

 @sporra01  @brixtonbomber  @sangwoo29 And? California is in debt up the ying yang. We have about 15 stadiums in this damn state including a brand new one being constructed by the 49ers. And we STILL cashed out to keep the Kings in Sacramento.So quit crying about how Seattle is paying off (wait for it) 2 stadiums. Im pretty sure we taxpayers are still paying off the coliseum. Idiot

JonMoore
JonMoore

 @sporra01  @brixtonbomber  @sangwoo29 If you remember the arena Stern wanted Seattle to build was a 500M arena. That would have been the most expensive Arena EVER built. We had folks that said they would build arenas but it wasnt in an area STERN wanted and wasnt as GRANDIOSE