If wasn’t a bidding war before, it is now.
The Seattle investment group led by Chris Hansen has raised its bid to buy the Sacramento Kings from $525 million to $550 million.
In a statement, Hansen said:
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.
This comes after news broke yesterday that Sacramento planned to match the original offer put forth by Hansen.