Hansen Increases Bid For Kings To $625 Million
Don't Miss This
- Stockton School District Possibly Selling $2 Million In Unused School Buses
- Strong, This New Member Of Stockton Schools Police Force Is
- After Bed Bug Complaints, Lodi Theater Closed Until Thursday To Eliminate ‘Insect’ Problem
- Alleged Bed Bug Infestation Temporarily Shutters Lodi Movie Theater
- Emerging Solar Plants Are Igniting Birds Mid-Air
Get Breaking News First
SEATTLE (AP/CBS13) — Chris Hansen has increased his total valuation of the Sacramento Kings from $550 million to $625 million in another attempt to sway NBA owners to allow him to buy the franchise and move it to Seattle.
Hansen also announced on his website Friday that he has guaranteed owners that the franchise would pay into the league’s revenue-sharing system in Seattle and not collect money as it has in Sacramento.
Hansen has had a deal since January to buy a 65 percent controlling interest in the Kings from the Maloof family. He originally offered a total valuation of $525 million, then increased that offer to $550 million after a competing Sacramento group matched his deal.
The bid increase didn’t seem to faze Sacramento Mayor Kevin Johnson, reiterating the NBA’s stance that this is not a bidding war.
The NBA leadership and owners have always said that their decision would not be dictated by a bidding war.—
Kevin Johnson (@KJ_MayorJohnson) May 10, 2013
“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,” Johnson said in a statement Friday.
Johnson went on to say that Sacramento has done everything possible as a community to show the NBA that the Kings belong in the city.
“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. They know what this story means to the league. We look forward to talking with all of them again in Dallas,” he said.
The NBA’s relocation committee voted 7-0 last week to recommend that the NBA Board of Governors — which consists of all 30 owners — reject the Seattle move. The board is expected to vote on the issue at its meeting in Dallas on Wednesday.
The Associated Press contributed to this story.