Seattle group raises offer for Kings by $25 millionPosted by Inside Hoops
The Seattle group attempting to buy the Sacramento Kings says it has reached agreement to raise the purchase price by $25 million.
Chris Hansen, teaming with Steve Ballmer to lead the group, Hansen announced the decision to raise the valuation late Friday night. In a statement on his website, Sonicsarena.com, Hansen says the group has voluntarily raised the purchase price as a “sign of our commitment to bring basketball back to our city.”
Hansen’s group entered into a binding agreement with the Maloof family in January to purchase the controlling interest of the franchise based on a $525 million value.
– Reported by the Associated Press