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Comments (105)
Chris Hansen increases Kings bid by $75 million
Five days ahead of an NBA meeting to decide the future of the Sacramento Kings, Seattle investor Chris Hansen says he has increased his bid by $75 million.
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  • bigbertha wrote...
    NICE
    Even though it dont help change the minds of the NBA reloc comm. it goes to show this guy has got what it takes. and he is leaving no stone unturned. he will get the team back in seattle watch. How can they not accept that offer? they would be hella stupid to refuse it considering it will raise the value of the other teams in the NBA. I KNOW THE MALOOFS ARE PROBABLLY POOPIN IN THERE PANTS RIGHT NOW.Good Job Chris Hansen dont give up hope Seattle Cause this guy has got game!!
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  • bigbertha wrote...
    From The Sacbee
    Share Facebook Twitter StumbleUpon Email Richard Drew / AP Hedge fund manager Chris Hansen said today that the group he is leading has increased by $75 million its offer to purchase the Kings More Information Mayor to Seattle's Hansen: 'Take the high road' and back off Ailene Voisin: Indiana wrote the book on bucking the odds Sacramento group is asked to put entire $341 million offer in escrow for Kings deal, sources say Miami Heat owner praises Sacramento effort to keep Kings Continuing coverage of the Kings sale and possible move More on sacbee.com powered by Lingospot Abel Maldonado accuses Jerry Brown and 'buddies' of 'trying to make it about race' Less than an hour ago Capitol Alert: NAACP state president accuses Abel Maldonado of using 'racial politics' 7 hours, 6 minutes ago Miami Heat owner praises Sacramento effort to keep Kings 23 hours, 25 minutes ago 0 comments | Print Seattle group raises bid for Sacramento Kings by $75 million By Tony Bizjak and Ryan Lillis tbizjak@sacbee.com By Tony Bizjak and Ryan Lillis The Sacramento Bee Last modified: 2013-05-10T20:08:54Z Published: Friday, May. 10, 2013 - 12:27 pm Last Modified: Friday, May. 10, 2013 - 1:08 pm Copyright 2013 The Sacramento Bee. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. In a dramatic, last-minute move, Chris Hansen, head of the Seattle group bidding to buy the Sacramento Kings, announced he is increasing his bid by $75 million, bringing the total valuation of the team to $625 million, by far an NBA team sales record. Hansen, posting on his website, called the increase "an effort to further demonstrate the extent of our commitment to bring basketball back to Seattle." Hansen also guaranteed the team, if located in Seattle, would not seek to be a revenue collector as part of the NBA's revenue sharing program. "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," Hansen said in a statement. The move by the Seattle group to bolster its offer comes less than a week before the NBA Board of Governors is scheduled to meet in Dallas to vote on whether or not to let the team move to Seattle. A league committee voted last week 7-0 to recommend against the move, prompting speculation that the Hansen group would have to sweeten its offer in hopes of persuading the league to let it conclude its existing deal to buy the team from the Maloof family and move to Seattle. Eric Rose, a spokesman for the current Kings owners, said the Maloof family would have no comment on the deal. But a source close to the Hansen bid said Hansen and the Maloofs have discussed the increased offer, and the Maloofs have accepted it. Hansen's latest move vaults his bid far beyond the amount being offered by the competing Sacramento group. The statement did not offer any details of his revised deal with the Maloofs. However, it appears the amount the Maloofs and their partner Bob Hernreich would receive under the new offer is $406 million for the 65 percent of the team they control, up from $357 million under the last version of Hansen's evolving bid. The Sacramento group's offer remains at $341 million to the Maloofs and Hernreich, the amount that Hansen had originally agreed to pay. Despite the financial gap between the two bids, Sacramento Mayor Kevin Johnson said he remains "very confident" the city will prevail. "The NBA leadership and owners have always said that their decision would not be dictated by a bidding war," the mayor said in an emailed statement. "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. They know what this story means to the league. We look forward to talking with all of them again in Dallas." Sports law expert Michael McCann said Hansen's strategy isn't that surprising, given his comments in recent weeks that he's going to do everything he can to buy this team." Still, McCann said it remains unclear whether the NBA will vote on the latest bid - or on one of the two smaller offers Hansen has made for the Kings since January. "With that said, if this increased offer is the one being voted on, the one where the team is worth $625 million, it's clearly a strategy by Hansen to put the NBA owners in a difficult position of turning down what is considerably more than the current Sacramento offer," McCann said. "The NBA said they don't want a bidding war, but we all know a bidding war is in the best interest of the other owners financially." Read more here: http://www.sacbee.com/2013/05/10/5411241/seattle-group-raises-bid-for-sacramento.html#storylink=cpy
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  • BigBlackGuy wrote...
    Funny!
    He looks like Jimmy Fallon.
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  • USMC0311 wrote...
    Seriously?
    Do we really need another sh itty professional sports team?
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  • Lessmith50 wrote...
    USMC0311
    Do you really think this group is going to piss away over a billion $$$ (team, stadium, land, and relocation fee) and be crappy? are you that stupid? Really Do you thing Balmer is going to execept a crappy team and not make it a champion. REALLY? Wow lets see his mentor is most likey Paul Allen. How has that little football team faired? Dont you think that Balmer has taken a few cues from Mr. Allen? Please Crappy team.
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  • Newton wrote...
    Another dung pile made by Billionaires.
    Paid for by the Citizens. Kick these Magets out of Seattle never to return. Total Parisites living off of other peoples moneies. Thats what goverment is also a bunch of Parisites. Time to cut back Goverment. Time to say no to these pro sports scams. Time to clean up this sewer called those that represent the public tax payers. Those that think they are above law. "This country was founded on common law". Let the People Vote!.
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  • jstumbo wrote...
    Where would Washington/Seattle be...
    without Boeing? without the Seahawks? without the Mariners? without the Sounders? without the opera? without the Symphony? without Amazon, Microsoft, Starbucks (because I am sure they all get some kind of break from some government or another)...
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  • Lessmith50 wrote...
    Newton
    do us all a favor please if you dont like it here LEAVE THE FRIGGING PLACE! or just see what a blued barrel tastes like. Really your a stupid moron that is worthless. Lets all go back to the stone age IDIOT!
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  • Newton wrote...
    Its called Debt and. Billionaires using public monies!.
    Why can't Billionaires use thier own monies. Why do the Citizens have to buy land for triple the price in a down economy?. Why must Seattle city council allow billionaires to borrow 200million from the citizens only to pay back the bond holders. Look what happened in Cyprus with the bank failure's its only a matter of time before it hits here in the USA. This Great Country is in debt so high it can no longer pay the interest on its loans. Thats why interest rates are so low right now!. I'm only saying let them pay for it themself's. One Billion is ten one hundred million dollars these people have plenty of cash so let them pay for it themselfs. Tax payer's should get to vote on any money loaned out to any private investment. That is Constitutional law. let us all know why you think Billionaires should get bailout money from the hard working citizens.
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  • Frogsplash wrote...
    Newton you moron
    I've explained bonds to you once already here. It's not public money you idiot. It public bonding capacity that is being used.
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  • shadowman9 wrote...
    i don't understand why
    the seattle group has no problem dropping the full amount for the previous bid in escrow and these "whales" can't even put more than half their inferior back up bid on the table. nothing certain about their deal, except that they know how to call a presser. i want to think the nba wouldn't bother giving a deadline if it means nothing. hansen/ballmer are playing it as well as possible, knowing they have to go all the way. they either get the kings or force the league to give assurances about expansion. don't know how they walk away empty handed. i don't care what cruise ship guy says, it becomes about seattle when we have it together and the other guys can't/won't meet the offer or get a binding arena deal
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  • AmericanGreed wrote...
    $$ should go to relocation
    He should be up the money that goes towards relocation. The relocation money goes directly back to the NBA owners. Rasing the sale price only benefits the Maloofs.
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