Seattle Group Raises Purchase Price For Kings

The Seattle group lead by Chris Hansen showed how much they want an NBA team on Friday when they upped their ante for the Sacramento Kings by $25 million to $550 million. Time will only tell if the Sacramento investors’ counter-offer will be enough, as the Board of Governors will meet next week to vote on the potential sale of the team. Per ESPN:

NBA commissioner David Stern said the sale of the Sacramento Kings would not become a bidding war.

Chris Hansen and the group seeking to purchase the Kings and move them to Seattle is making moves that prove otherwise.

The Seattle group led by Chris Hansen and Microsoft chairman Steve Ballmer announced Friday night they had reached agreement with the Maloof family to raise the purchase price of the Kings by $25 million to an NBA-record $550 million.

In a statement on his website,, Hansen said the group has voluntarily raised the purchase price as a sign of commitment in bringing the NBA back to Seattle.

“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,” Hansen said.