By 710Sports.com staff
The fight for the NBA’s Sacramento Kings finally reached the bidding war stage Friday night.
Chris Hansen announced that his Seattle Ownership Group has raised its offer to buy the Kings from the Maloof brothers by $25 million to $550 million, just hours after it was reported that a Sacramento investment team told the NBA that it would match Hansen’s previous offer of $525 million.
Hansen addressed the increased offer in a post on SonicsArena.com.
“We would like to announce that we have reached an agreement with the Maloofs to raise the price we are offering to purchase the controlling interest in the Sacramento Kings NBA franchise by $25 million from an enterprise value of $525 million to an enterprise value of $550 million,” Hansen wrote.
“While we already have a binding purchase agreement to purchase the controlling interest in the team, the Seattle Ownership Group has elected to voluntarily raise its purchase price as a sign of our commitment to bring basketball back to our City and our high degree of confidence in our Arena plan, our financing plan, the economic strength of the Seattle market, individual and corporate support for the team and, most importantly, the future of the NBA.”
That wasn’t the only big move Hansen made Friday, as reports also surfaced that Hansen’s group will acquire an additional seven percent of the Kings that are tied up in bankruptcy court.