Kings sale: Seattle group raises offer to $550 million

USA TODAY Sports

Seattle group increases its offer after reports indicated Sacramento group would match original Seattle offer.

Chris Hansen, the head of a Seattle-based ownership group attempting to purchase and move the Sacramento Kings to Seattle, announced Friday that the Seattle group is increasing its initial offer for the team from $525 million to $550 million.

For more on the story, visit Sactown Royalty

"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 also citing his confidence in the Seattle market, arena financing plan and corporate and individual support in Seattle as factors that allowed the group to increase its offer.

The Sacramento-based ownership group was reportedly willing to match the initial $525 million offer, and the Maloof family, the current majority owner of the Kings, was willing to accept that offer according to reports Friday.

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