Seattle investor Chris Hansen has reportedly raised his bid to buy the Sacramento Kings franchise from $550 million to $625 million.
Chris Daniels of KING TV broke the news on Friday:
In a subsequent report, Daniels noted that Hansen and his group are attempting to bring the Sonics back to Seattle by purchasing a 65 percent stake from the Maloof family. Hansen and Co. have now raised their bid for the third time since this process began.
NBA owners will vote on May 15 in Dallas to approve or deny the move for the Kings franchise. The relocation committee has already turned down a previous bid, according to Daniels.
It remains to be seen if this last-minute bid will work out for Hansen. Regardless, the investment group's plan must be tailored more to the liking of the city of Seattle.
Concerns have been expressed about the proposed new Sonics Arena, which the group plans to place in Sodo, part of Seattle’s industrial district.
Rather than revitalizing the Seattle Center with a new basketball arena in a hoops-crazed city, the fresh setup in Sodo would take the team away from that site and its old venue of KeyArena. Comparisons involving the prospective new venue have linked it to the L.A. Live entertainment complex.
As well, MLB’s Seattle Mariners indicated last year that the new arena in Sodo would hurt their business and essentially be an extreme logistical challenge.
The increased offer could afford Hansen’s group the financial latitude to fulfill the vision of reviving NBA basketball in Seattle, but the owners seem intent on retaining the Kings.
There are numerous hurdles to clear, and another denial this coming Wednesday would be devastating, especially since Daniels cites multiple reports that a competing group in Sacramento is attempting to assemble a matching offer.