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Seattle Group Increases Offer For Kings

5:56pm: In spite of the increased offer from Hansen and company, the Sacramento bidders are still viewed as having the upper hand, according to TNT's David Aldridge. The Vivek Ranadive-led Sacramento group is buoyed by comments Heat owner and relocation committee member Micky Arison made on Twitter this week. Arison indicated the city had done what was necessary to keep the Kings.

2:12pm: The Seattle investment group led by Chris Hansen has increased its bid for the Sacramento Kings, according to Chris Daniels of KING5. Daniels reports that Hansen has informed the NBA that his new offer will increase the valuation of the franchise to $625MM, a $75MM increase on his previous bid. Because Hansen is attempting to buy 65% of the team, a $625MM valuation would mean the Seattle group's offer would increase to about $406MM.

The NBA's relocation committee has formally recommended that the Kings remain in Sacramento, and the Sacramento investment group is working toward finalizing its own bid for the team. Ric Bucher of 95.7 The Game reported earlier today (via Sulia) that the Sacramento group is seeking additional investors before it puts the full purchase price into escrow, though Aaron Bruski of hears (Twitter link) that money isn't a problem for the group.

Even if the Sacramento group was able to match Seattle's previous offer, the new Seattle offer represents an increase of nearly $50MM for that 65% share. When the NBA's Board of Governors officially make its decision on the issue, which is expected to happen next Wednesday, it will be voting on whether to approve Hansen's purchase and whether to approve relocation. The league would clearly prefer the Kings to remain in Sacramento, so it will be interesting to see whether the Maloofs' sale to Hansen is voted down even if Seattle's offer is significantly higher than Sacramento's. One source told Bruski that "no matter how much they kick and scream, this is not about Seattle's offer" (Twitter link).

Daniels adds (via Twitter) that, in addition to increasing its offer, the Seattle group has agreed to pay revenue-sharing money should the team to move to Seattle, even in the initial years at Key Arena. The Sacramento group had agreed to eventually phase out the revenue-sharing money the Kings receive if the team remains in Sacramento.

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2 thoughts on “Seattle Group Increases Offer For Kings

  1. Ken Edwards

    What will league do now? they cant tell the matloofs to take less, at the very least get them to reconsider exansion, and i hear a rumors that the sac group is having trouble getting the rest of the 50

    • Hec4Mets

      To me it sounds like Hansen is desperate at this point just leave the Kings were they are if they have a legit owner who is willing to fund a new arena and build the team in Sacramento then let them keep the team.

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