Calfornia investors bid for team to ward off move
China Daily | Updated: 2013-04-19 08:20
California investors made a formal offer to purchase the Sacramento Kings basketball team, the NBA said on Wednesday, in the hopes of staving off a competing bid that would move the team to Seattle.
The offer comes shortly after Seattle investors raised their bid to buy the team by $25 million to $550 million last week. The Seattle group hopes to rebrand the team as the SuperSonics to replace a beloved franchise lost to Oklahoma City in 2008.
The prospect of losing the Kings and leaving the California capital without a professional basketball franchise spurred Sacramento's mayor, himself a former NBA player, into action.
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