May 10, 2013, 3:53 PM EDT
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.
League source with intimate knowledge of the Kings transaction: "No matter how much they kick and scream, this is not about SEA's offer."—
Aaron Bruski (@aaronbruski) May 10, 2013
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.
Mar 16, 2014, 12:30 PM EDT
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Mar 16, 2014, 11:00 AM EDT
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John Wall splits two defenders near mid-court before putting the exclamation point on a win over the Nets with a thunderous slam.
Mar 16, 2014, 8:00 AM EDT
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Mar 15, 2014, 10:30 PM EDT
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Mar 15, 2014, 8:59 PM EDT
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Mar 15, 2014, 8:00 PM EDT
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Mar 15, 2014, 6:30 PM EDT
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Mar 15, 2014, 5:00 PM EDT
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Mar 15, 2014, 3:30 PM EDT
We’ve known for a very long time that the Lakers wouldn’t be making the playoffs this season. After Friday night’s loss, it became official.
Mar 15, 2014, 2:00 PM EDT
The mere presence of Phil Jackson in the Knicks front office will have an immediate impact in terms of big-name free agents looking at New York as a possible destination.
Mar 15, 2014, 12:30 PM EDT
After playing out consecutive 10-day contracts, the Nets have signed Jason Collins for the remainder of the season.
Mar 15, 2014, 11:00 AM EDT
Kenneth Faried showed why the Nuggets would have been crazy to trade him at the deadline, as he helped send the Heat to their fifth loss in six games.
Mar 15, 2014, 9:30 AM EDT
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Mar 15, 2014, 8:00 AM EDT
Evan Turner wasn’t initially that fond of the Sixers new GM, but he may have changed his mind on his way out of town.
Mar 15, 2014, 12:46 AM EDT
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Mar 14, 2014, 11:02 PM EDT
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Mar 14, 2014, 9:31 PM EDT
Pau Gasol believes that Kobe had every right to demand the Lakers put together a team capable of winning immediately.
Mar 14, 2014, 8:03 PM EDT
Paul Pierce continues to play up his hatred of the Knicks.
Jermaine O’Neal explains his reasoning for confronting Blake Griffin outside locker room following loss to Clippers
Mar 14, 2014, 6:36 PM EDT
Blake Griffin apparently did something on the court that, at least in Jermaine O’Neal’s eyes, crossed the line.
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