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Seattle group raises offer for Kings by $25 million

The Seattle group attempting to buy the Sacramento Kings says it has reached agreement to raise the purchase price by $25 million.

Chris Hansen, teaming with Steve Ballmer to lead the group, Hansen announced the decision to raise the valuation late Friday night. In a statement on his website, Sonicsarena.com, Hansen says the group has voluntarily raised the purchase price as a “sign of our commitment to bring basketball back to our city.”

Hansen’s group entered into a binding agreement with the Maloof family in January to purchase the controlling interest of the franchise based on a $525 million value.

— Reported by the Associated Press

Sacramento developer Mark Friedman jumps into bid to buy Kings

Sacramento developer Mark Friedman said today he’s joining the bid to buy the Kings and build the team a new arena at Downtown Plaza.

Friedman said today he’ll also participate in the non-arena development that’s being proposed for the Downtown Plaza site.

Friedman’s emergence comes one day after Mayor Kevin Johnson revealed that Southern California billionaire Ron Burkle had to reduce his role in the project because of a conflict of interest. Johnson hinted at a press conference Monday that there might be additional changes in the ownership structure.

— Reported by Dale Kasler and Ryan Lillis of the Sacramento Bee

Battling billionaires set for showdown on Sacramento Kings

Dueling teams of billionaires and mayors are heading to New York for a pivotal Wednesday showdown over the future of the Sacramento Kings.

Before an elite committee of NBA owners, delegations from Sacramento and Seattle will present their arguments on the issue that’s been making headlines for weeks: Should the Kings stay put or be allowed to move to the Pacific Northwest?

The meeting, to be held at a Manhattan hotel, comes a week after the Sacramento City Council approved a non-binding term sheet for a new $448 million arena at Downtown Plaza – a crucial piece in the city’s attempt to keep the team.

The committee is likely to make a recommendation sometime this month. A final decision is expected April 18 or 19, when the league’s Board of Governors, consisting of all the team owners, convenes in New York.

NBA Commissioner David Stern has said deciding between Sacramento and Seattle will be tough. Seattle offers a larger and wealthier population, but Sacramento has had a strong track record of supporting the league. Both cities are offering to build new arenas.

— Reported by Dale Kasler and Tony Bizjak of the Sacramento Bee

Sacramento council approves deal to build new NBA arena

With the clock clicking down, the Sacramento City Council took its last shot at keeping the NBA Kings in California’s capital by approving a public-private deal Tuesday to build a new 18,500-seat arena and retail center downtown.

Approval of the arena was the last step in what has been a full court press by Mayor Kevin Johnson to keep the city’s only major league sports team from bolting to Seattle, where a new ownership group and arena deal awaits. He now must convince NBA owners to block the Maloof family from initiating the move, a deal made public in January.

Since then, the mayor, himself a former NBA All-Star, has scrambled to assemble a group to buy the team, convince Commissioner David Stern to consider a counter offer, and get approval for the financial deal that would build a $448 million arena on the site of a shopping mall – a development many say will revitalize a problem area in its bustling city core.

Next week, Johnson will present the arena plan and purchase offer to an NBA committee. The following week, the NBA Board of Governors will vote on whether the team can be sold, and whether it will stay or move.

— Reported by the Associated Press

There were no surprises at the City Council meetings that ended a few hours. Council members voted 7-2 to approve a term sheet detailing the public’s contribution to the proposed $448 million downtown sports and entertainment complex, with Kevin McCarty and Darrell Fong – both of whom expressed concern about the city’s risk and the lack of time to more closely vet the agreement – voting against the agreement.

Tuesday’s vote was the latest development in Mayor Kevin Johnson’s campaign to keep the Kings in Sacramento. The Maloofs already sold their majority interest in the team to the Seattle-based group headed by Chris Hansen and Steve Ballmer, but the league’s other owners (as stated in the NBA by-laws) have to approve all sales and relocations. Within the past several weeks, Johnson, attempting to come up with a counter bid, has put together a potential Kings ownership group that includes billionaire Ron Burkle, 24 Hour Fitness founder Mark Mastrov, Golden State Warriors minority owner Vivek Ranadive and Steve Jacobs, founder of San Diego-based-Qualcomm.

— Reported by the Sacramento Bee

Sacramento still fighting to keep Kings in town

City officials reached a preliminary agreement Saturday night for a new downtown arena with an investment group that hopes to keep the Kings from moving to Seattle.

Sacramento Mayor Kevin Johnson first announced the deal on his Twitter account. A few hours later, the city released the details of the non-binding term sheet.

The group includes Silicon Valley software tycoon Vivek Ranadive, 24 Hour Fitness founder Mark Mastrov and billionaire Ron Burkle. The City Council is planning to vote on the agreement Tuesday.

“Once again, we’re proving the strength of our market — both as host to an NBA team, but as an emerging region with global potential,” Johnson said.

The city of Sacramento plans to contribute $258 million to the $447 million project, mostly by leasing out parking garages and land. The other $189 million will come from the investment group.

— Reported by the Orange County Register

Tycoon joins effort to keep Kings in Sacramento

The effort to keep the Sacramento Kings from moving to Seattle got a boost from a Silicon Valley software tycoon who stepped forward as lead investor.

The Sacramento Bee reports that Vivek Ranadive will lead Sacramento’s bid to keep the team, joining health-club financier Mark Mastrov and billionaire Ron Burkle.

Ranadive’s involvement comes after NBA Commissioner David Stern said earlier this month that the Sacramento group’s offer needed to be increased before league owners would consider it.

— Reported by the Associated Press

Ticket waitlist in Seattle for Kings announced

The prospective owner of the Sacramento Kings is calling on fans in Seattle to sign up for a “priority ticket waitlist” as a way to show the NBA how much interest there is in bringing pro basketball back to the area.

Chris Hansen made the announcement on his SonicsArena.com website on Monday. It was his first statement since the announcement of the sale of the Kings from the Maloof family to Hansen and Microsoft Chief Executive Steve Ballmer on Jan. 21. Hansen and Ballmer have a signed agreement to acquire a 65 percent stake in the Kings for $341 million from the Maloofs. That sale is pending league approval.

“In addition to helping us understand and prioritize the demand for tickets, registering your interest will be a critical step in demonstrating to the NBA and basketball fans around the country the unbelievable passion that exists in the Emerald City to BRING BACK OUR SONICS!” Hansen wrote.

— Reported by the Associated Press

David Stern thinks Seattle offer for Kings is better than new Sacramento offer

Last week, a triumphant Sacramento Mayor Kevin Johnson announced a potential Kings purchase group had submitted a fair and competitive offer to keep the team in town. Friday night, NBA Commissioner David Stern said no, not quite.

Speaking to the news media before a Golden State Warriors game in Oakland, the commissioner delivered a bombshell, saying a Sacramento group’s counteroffer to buy the team does not measure up in dollars to a tentative deal the Kings recently signed with a group that hopes to move the team to Seattle.

“The counter bid has got very strong financial people behind it, but it is not quite there in comparison to the Seattle bid,” Stern said. “There is a substantial variance.”

The commissioner declined to say how far short the Sacramento bid fell of the reported $341 million Seattle offer for a 65 percent share of the team.

— Reported by Tony Bizjak, Dale Kasler and Ryan Lillis of the Sacramento Bee

Campaign to keep Kings in Sacramento continues

The public relations campaign to keep the Kings in town continued today with a blast from the franchise’s past.

Former Kings star Mitch Richmond greeted a few dozen fans at midtown’s Firestone Public House, signing posters and hats. Richmond has pledged $1 million to be part of a local ownership contingent seeking to block the Kings’ move to Seattle.

“It would be a sad day if the Kings leave this community,” Richmond said. “I know Seattle is a good place, I think Seattle’s team (the Sonics) should have never left. But we want our team here.”

— Reported by Ryan Lillis of the Sacramento Bee

Longshore union to appeal Seattle arena lawsuit

The International Longshore and Warehouse Union says it intends to appeal a judge’s ruling that threw out their lawsuit aimed at undoing a deal to build a new professional basketball and hockey arena in Seattle – a key part of plans to bring the NBA back to town.

The ILWU says it will announce appeal plans during a news conference on Tuesday. The ILWU Local 19, representing workers at the Port of Seattle, says they believe the court failed to acknowledge that the memorandum of understanding between investor Chris Hansen, the city of Seattle and King County is in violation of the state environmental protection act.

— Reported by the Associated Press