Sen. Steinberg: Sacramento has matched Seattle's offer for Kings "dollar-for-dollar" (UPDATED)

California State Senate, website of Sen. Darrell Steinberg

In the first definitive statement about Sacramento's counter-bid to keep the Kings, CA State Sen. Darrell Steinberg says that Sacramento has matched Seattle's offer dollar-for-dollar. However, he later backtracked saying it was merely "fully competitive".

Last week at the NBA Board of Governor's meeting, there were many questions for Sacramento's group and for the NBA on whether or not Sacramento had matched Seattle's bid. The bid was on everyone's mind considering a few weeks earlier David Stern publicly stated that Sacramento's offer was well short and featured a "substantial variance".

The questions were not definitively answered last week either, although worries about Sacramento's bid being short seemed to be alleviated when Commissioner David Stern told reporters as he was leaving that the bid was "not an issue".

Today we got the first definitive statement on Sacramento's bid, courtesy of CA State Senate pro Tem Darrell Steinberg.

For reference, Seattle's bid as first reported by Yahoo!'s Adrian Wojnarowski is $341 million for 65% of the franchise (which equals a total valuation of $525 million).

It's unclear how Seattle's $30 million non-refundable deposit factors into all of this. Carmichael Dave wrote that he had heard Sacramento's offer was $30 million less than Seattle's because either way the Maloofs would come out with the same amount of money.

Still, today's statement by Sen. Steinberg should settle any doubts that Sacramento's group isn't ponying up the cash to keep the team here.

As always, we'll update with any new information as it comes in.

UPDATE 2:20 P.M.:

As always, there's more than one side to a story and they haven't been calling this a roller-coaster ride for nothing.

Per Kelly Johnson:

Hopefully we'll get some clarity on this issue soon. David Bienick, who originally reported Steinberg's comment about "dollar-for-dollar", has not posted audio from his interview although he has published this article. In it, Bienick repeats the original quote and then adds:

When asked to clarify his "dollar-for-dollar" statement, Steinberg answered, "I just mean it is a fully competitive offer.

It's possible the original "dollar-for-dollar" quote might have been a slip of the tongue on Steinberg's part, as neither Sacramento or Seattle have publicly discussed their bids outside of vague terms, likely on orders from the NBA.

UPDATE 2:37 P.M.:

For fairness, here's Seattle's Chris Daniels with his take as well as Steinberg offering some clarification to the Bee's Ryan Lillis

In short, nobody, on either side, knows what the hell is going on.

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