Skip to content

Seattle ups bid $75 million in last ditched attempt to buy Kings

May 10, 2013, 3:53 PM EDT

Kings Sale Basketball AP

What NBA commissioner David Stern has said from the start is that he did not want a pure bidding war for the Sacramento Kings. In part because that puts more money in the pockets of the Maloof family, and who wants that?

But after losing out when the NBA’s relocation committee unanimously recommended against the move of the Kings, essentially killing the sale to his Seattle based group — instead essentially favoring a matching bid from Sacramento — Seattle’s Chris Hansen essentially has turned to a bidding war.

The Seattle group upped its valuation of the team by $75 million to $625 million total, Hansen announced on sonicsarena.com (first reported by Chris Daniels at King5.com). That would up their out of pocket money (they are buying 65 percent of the team) by about $49 million.

“In an effort to further demonstrate the extent of our commitment to bring basketball back to Seattle, we have elected to voluntarily increase our proposed purchase price for the Sacramento Kings NBA Franchise by $75 million — from an enterprise value of $550 million to $625 million,” Hansen wrote. “In conjunction with our revised offer, we have also guaranteed to the NBA that the Franchise would be a revenue sharing payer in all years in Seattle.”

We’ll see, but I doubt it matters — what owners have said about the decision (and before) that this was not about Seattle’s offer being bad so much as Sacramento rallying like pro sports leagues want their cities to do to save a team.

Our man on the ground on this issue, Aaron Bruski, is hearing the same thing.

Sacramento officials don’t seem too concerned.

“We feel very confident about the position we are in right now,” Sacramento Mayor Kevin Johnson said in a released statement. “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 NBA owners realize that there is far more to think about than just an increased bid.”

This feels more like Hansen is just making a backcourt heave at the buzzer. That said, it could put pressure on the league in regards to an expansion team, it also could help if he decides to go to court on anti-trust grounds.

Months ago the Maloofs had struck a deal to sell the team to a Seattle group led by venture capitalist Hansen and Microsoft CEO Steve Ballmer. From Stern on down the league had called this a good offer that included a new stadium and more.

However, rallied by Mayor Kevin Johnson in Sacramento, that city put together a counter-offer that was led by their own billionaire — Vivek Ranadive, a Silicon Valley guy who is a minority owner of the Warriors — and they had plans for a new stadium as well.

As several owners said off the record — and some now-deleted twitter DMs from Heat owner Micky Arison explained — the owners backed Sacramento because the incumbent had rallied to put together a public-private partnership that is the kind of thing the league wants to see. It was really not about Seattle losing so much as Sacramento winning.

Although Hansen and Seattle still felt like they lost — and like they were used as leverage to force a better deal out of another city.

So they upped the offer to put more pressure on the deal. We’ll see if it matters, but you know how often backcourt shots at the buzzer fall.

Latest Posts
  1. Team USA’s top 5 plays vs. Puerto Rico (VIDEO)

    Aug 23, 2014, 12:30 PM EDT

    Anthony Davis Anthony Davis

    Anthony Davis, Stephen Curry, Klay Thompson prominently featured.

  2. Stephen Curry put on a show against Puerto Rico (VIDEO)

    Aug 23, 2014, 8:00 AM EDT

    Stephen Curry AP

    It was a good night to be Stephen Curry.

  3. USA Basketball announces 12 man roster for World Cup; Parsons, Hayward, Lillard, Korver cut

    Aug 23, 2014, 1:20 AM EDT

    Puerto Rico v United States Getty Images

    Team USA kept four centers on the roster. That’s a bit of a surprise.

  4. USA Basketball cruises to exhibition win over Puerto Rico with final roster cuts looming

    Aug 23, 2014, 12:05 AM EDT

    Derrick Rose Derrick Rose

    The players who got DNP-CDs in this one may be the ones who stay home.

  5. J.R. Smith wants Knicks shooting guards to ‘put their egos aside’

    Aug 22, 2014, 9:50 PM EDT

    Iman Shumpert, J.R. Smith Iman Shumpert, J.R. Smith

    Playing time decisions will be interesting with four legitimate options competing for minutes.

  6. Team USA will make (potentially final) cuts Saturday

    Aug 22, 2014, 6:21 PM EDT

    Team USA Showcase Getty Images

    DeMar DeRozan, Andre Drummond, Gordon Hayward, Chandler Parsons, Kyle Korver all possibilities for chopping block

  7. Ricky Rubio representing NBA2K in Spain (PHOTO)

    Aug 22, 2014, 5:01 PM EDT

    Adidas Eurocamp - Day 2 Getty Images

    A fine choice, even if he isn’t the best current NBA player from Spain.

  8. Hornets sign first round pick P.J. Hairston

    Aug 22, 2014, 4:02 PM EDT

    PJ Hairston PJ Hairston

    Hairston’s guarantee will total $2 million over two seasons.

  9. J.R. Smith wants to be leader for Knicks this season

    Aug 22, 2014, 1:05 PM EDT

    Charlotte Bobcats v New York Knicks Getty Images

    Watching Smith and his gunner, ball-stopping tendencies try to fit in the move-the-ball, read and react triangle offense is going to be interesting. To put it kindly.

  10. Jeremy Lin feeling comfortable, even with new wax statue of himself

    Aug 22, 2014, 12:20 PM EDT

    Jeremy Lin wax figure

    His critics don’t get it, but Jeremy Lin is a solid NBA guard now.

  11. Report: Klay Thompson a Mike Krzyzewski favorite for Team USA

    Aug 22, 2014, 11:44 AM EDT

    Team USA Showcase Getty Images

    Krzyzewski – surprise, surprise – also reportedly likes Mason Plumlee, who played at Duke

  12. Watch Giannis Antetokounmpo go length of court in two dribbles, dunk (VIDEO)

    Aug 22, 2014, 10:35 AM EDT

    Taco Bell Skills Challenge 2014 Getty Images

    The Greek freak is going to be so much fun to watch at the world Cup.

Featured video

Will LeBron get booed Christmas Day in Miami?
Top 10 NBA Player Searches
  1. D. Rose (4065)
  2. K. Love (2294)
  3. K. Bryant (2293)
  4. L. James (2284)
  5. S. Marion (2267)
  1. A. Davis (2163)
  2. K. Irving (2141)
  3. R. Allen (1932)
  4. E. Bledsoe (1883)
  5. D. Cousins (1864)