Updated Apr 12, 2013 - 10:34 pm
Hansen increases offer to buy Kings by $25 million
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.
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.
- Brock Huard
Chalk Talk: Wilson and Baldwin beat Saints' blitz
- Shannon Drayer
Mariners' Jack Zduriencik isn't tipping his hand
- Shannon Drayer
M's notebook: Robinson Cano talk heating up
- Chalk Talk: Wilson and Baldwin beat the Saints' blitz
- 49ers remind fans about 'home field advantage plan'
- 49ers prepare to stay composed in emotional game
- What we learned from Seahawks' win over Saints
- 12th Man flag to fly high above San Francisco Sunday
- The Pete Carroll Show: Praise for K.J. Wright
- More Seattle Seahawks »
- Rick Rizzs and Toys for Kids make thousands of area children happy at Christmas
- Mariners notebook: Robinson Cano talk heating up
- Seattle hires Wilson as minor league coach
- Notebook: Mariners close to signing Willie Bloomquist
- Howard Lincoln on the Mariners' search for a president
- What's next in the Mariners' search for a president?
- More Seattle Mariners »