Apr 17, 2013; Sacramento, CA, USA; Sacramento Kings fans hold up a sign during the game against the Los Angeles Clippers at the Sleep Train Arena. The Los Angeles Clippers defeated the Sacramento Kings 112-108. Mandatory Credit: Ed Szczepanski-USA TODAY Sports

Seattle Group Increases Offer to Buy Sacramento Kings by $75 Million

Chris Hansen and his investment group attempting to buy and relocate the Sacramento Kings are not giving up, despite the NBA’s relocation committee recommending that the Kings stay in Sacramento.

Hansen is upping his offer by $75 million, raising the total price from $550 million to $625 million, which would far exceed the largest amount of money spent to buy an NBA team (the Warriors, by the way, have that honor when Joe Lacob and Peter Guber bought them for $450 million).

Hansen also announced that the team would be a “revenue sharing payer for all years in Seattle.”

A few months ago, all hope seemed lost when the Maloofs agreed to sell the Kings to the Seattle investment group led by Hansen that planned to relocate the team next season. However, mayor Kevin Johnson and the city of Sacramento fought back, finding investors and developing a plan to build a new arena.

Sacramento’s bid is led by Vivek Ranadive, who is also a minority owner of the Golden State Warriors. Chris Kelly, Mark Mastrov, and the Jacobs family of Qualcomm are also involved.

Johnson responded to the actions taken by Hansen on Friday, tweeting:

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. 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.The ownership group, the city, and the community have shown the NBA, without any shred of doubt, that the Sacramento Kings belong in Sacramento. I believe the owners realize that there is far more to think about than just an increased bid. They know what this story means to the NBA.

Tags: Chris Hansen Sacramento Kings

comments powered by Disqus