Seattle Group Ups Offer To $625 Million For Sacramento Kings
The bidding war for the Sacramento Kings continues, as groups both in Sac-Town and Seattle up their offers.
According ESPN.com, the Seattle group, lead by Chris Hansen, has increased their offer for a 65% stake in the Kings franchise from $358 million to $406 million, increasing the total valuation to $625 million.
The valuation is well over market value, compared to the Memphis Grizzles, which was sold last October for just $377 million.
Hansen, and his investor group, plan to relocate the Kings to Seattle and re-name the franchise, the Supersonics.
"While we appreciate that this is a very difficult decision for the league and owners, we hope it is understood that we really believe the time is now to bring the NBA back to Seattle," Hansen said in a statement. "It is paramount that we do everything we can to put Seattle's best foot forward in this process."
A group in Sacramento, led by Vivek Ranadive, has bid $341 million for the Kings and secured the promise of more than $250 million in public money to keep the team and build a new arena... which puts the total value of the team at $525 million.