The bid of a Seattle based hedge fund manager to move NBA's Sacramento Kings to the Washington area was recently rejected by the committee of owners of the NBA. Despite such setback, the push to purchase the team continues.
A request to the National Basketball Association's relocation committee made by a consortium headed by Chris Hansen, whose members include Microsoft CEO Steve Ballmer was unanimously rejected. The application was to move the Sacramento Kings from California to Seattle, WA.
The decision by the NBA committee is viewed as a win for California and the city of Sacramento, whose mayor is former NBA player Kevin Johnson. He formed a a group of investors to draft a rival bid to what Hansen has made for the team.
The advantage of Hansen though against Johnson is that the former has a signed agreement for the purchase of the team from the Maloof family, the Kings' majority owners. The agreement is worth nearly US$357.5 million.
Hansen vowed that he would continue to justify the move to the thirty other NBA teams who would would vote on the proposed move until May 13.
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