The NBA’s Sacramento Kings are for sale, but apparently not to the highest bidder. Though a group of businessmen from Seattle offered $365 million to bring the team north, a committee made up of owners from throughout the league recommended that the team be sold for $24 million less and kept in Sacramento. Why?
You see, in addition to offering $365 million for the team, the Seattle bidders were offering to build a brand new arena for the Kings. By contrast, the Sacramento bidders managed to persuade the city of Sacramento to build a brand new arena for the Kings. The Seattle bid, in other words, would have set a good precedent for the future of American public policy.
In short, the league owners as a whole don’t want to set a precedent of paying for their own stadiums. Shameful.