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Sacramento Receives League Backing
Posted By HOOPSWORLD On May 12, 2013 @ 8:37 am In Headlines,NBA Headlines | No Comments
The league wants the Kings to remain in Sacramento, having worked extensively with the Ranadive group, Mayor Kevin Johnson and local and regional business and political interests to put a deal together. The Ranadive group has a competing deal on the table based on the original franchise valuation of $525 million that Hansen and the Maloofs reached in January.
The Ranadive group has agreed to match the 65 percent price of $341 million for the Kings in that deal, and has put at least 50 percent of that $341 million into escrow. NBA Commissioner David Stern said last month that while the Sacramento bid to keep the Kings at the time was slightly lower than the Seattle bid, the league considered the Sacramento bid binding.
The league was made aware of both sale proposals involving Hansen on Wednesday, according to a source.
Although there has been substantial buzz in Seattle that there are potential antitrust issues that could be the basis for a lawsuit against the NBA if Hansen is rejected, Hansen’s group remains uninterested in legal remedies if it is rejected Wednesday, according to the source.
Hansen believes that this may be the last time in the foreseeable future that political and business interests in Seattle will be aligned to give support for an NBA bid. The city of Seattle has committed up to $200 million toward construction of a $490 million arena in the city’s SoDo area, next to Safeco Field, where baseball’s Mariners play. Hansen, who has already purchased the land on which he wants to build the arena, would pay the rest.
Sacramento has committed $250 million toward construction of a $447 million arena that would be the centerpiece of a development plan at the current Downtown Plaza mall site.
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