Mayor Kevin Johnson to present counter-offer to keep Kings
With a Seattle group working to acquire the Kings, Mayor Kevin Johnson said this morning that he has received approval from NBA Commissioner David Stern to present a counter offer for the Kings directly to the NBA's board of governors.
Calling a reported $525 million offer for the team that's being floated by a Seattle group "outrageous," the mayor said during the annual State of Downtown address that he has developed a strategy to keep the Kings in Sacramento.
Johnson said he is looking for potential owners who would keep the team in Sacramento to bid against the Seattle offer led by hedge-fund manager Chris Hansen. A new arena "must be part of the transaction" and the ownership group must include local partners, Johnson said.
-- Sacramento Bee