Sports Out West

Seattle bid to purchase Kings increases to $550 million

SacKings_flickr

If the bid to purchase the Kings was a head-to-head poker game between Seattle and Sacramento, then the group representing the Seattle bid just raised their bet.  Late Friday, the Seattle group led by hedge fund manager Chris Hansen announced they reached an agreement with the Maloof family to purchase the Kings franchise for an NBA-record $550 million.

The news came only one day after the Sacramento group, who recently added former Facebook executive Chris Kelly, agreed to fully match Seattle’s bid before an NBA Board of Governors decides the fate of the Kings on April 18 or 19. 

In January, the Maloof family originally agreed to sell the Seattle group the Kings for $525 million, which essentially raises the purchase price another $25 million with the new bid.  In a statement on the Sonicsarena.com website, Hansen stated that the new bid was strictly voluntary.

“The Seattle Ownership Group has elected to voluntarily raise its purchase price as a sign of our commitment to bring basketball back to our city and our high degree of confidence in our arena plan, our financing plan, the economic strength of the Seattle market, individual and corporate support for the team and, most importantly, the future of the NBA,” said Hansen.

Hansen also cited his confidence in Seattle’s economic vitality, as well as an unabashed commitment to bring basketball back to the city since the SuperSonics’ purchase in 2006 and subsequent move to Oklahoma City in 2008. 

Despite the Seattle group upping the ante on their offer, the Sacramento group dedicated to keeping the franchise in Northern California remains optimistic.  Sacramento mayor Kevin Johnson took to Twitter and responded to the news regarding the higher bid.

 

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Ben Hernandez Jr.

Ben Hernandez Jr. is a Los Angeles native who is unable to eliminate his fixation for sports, particularly the NBA. He currently works as a writer/editor for a business school and has written for various publications on topics, such as finance, politics, and health. Sports-wise, he has covered the LA Lakers and Clippers on Examiner.com. Ben is also a member of the U.S. Basketball Writers Association.