The Kings are reportedly being sold to a Seattle group for $525 million.
Five hundred, and twenty-five million dollars. The Sacramento Kings.
That's a lot of money for an NBA franchise, especially when you consider this is just a little over a year after the league endured a lockout where owners cried poor. You can see the conflict there. LeBron James certainly does.
So the Kings getting sold for 525M!! And the owners ain't making no money huh? What the hell we have a lookout for. Get the hell out of here— LeBron James (@KingJames) January 21, 2013
(For the record, LeBron followed that tweet up with, "#lockout! My bad. U know what I meant."
The $525 million sale price is a new record, surpassing the previous price tag of $450 million which is what the Warriors cost in 2010. The previous record before that was $401 million, which is what the Suns cost for Robert Sarver.
The Memphis Grizzlies were recently sold to Robert Pera for an estimated $350 million.
The last valuation of the Kings by Forbes in 2012 had them valued at $300 million. So the Seattle group upped that number by a solid $225 million.
Here's what LeBron's saying though: If the NBA had such a bad business model and it was so tough for owners to make money, then why are they lining up and overpaying for franchises? Why do so many billionaires want to invest in a league that's losing money?
And if you're pointing out that this sale came post-lockout, realize that there was major interest in these teams before that. But for a group to go so above and beyond to buy a team either screams stupidy, or the league's claims about money problems were a bit embellished.