SEATTLE - Chris Hansen just raised the stakes in the effort to bring the Sacramento Kings to Seattle.
Seattle's lead investor told the NBA Friday he will raise his bid on the Kings franchise to $625 million, an increase of $75 million on his previous bid. Hansen had already raised the valuation of his bid to $550 million in an attempt to sway NBA owners.
He is attempting to purchase 65 percent of the franchise from the Maloof family. Hansen's group had already placed $357 million in escrow for the majority share. This is the third time his group has raised his bid.
“In an effort to further demonstrate the extent of our commitment to bring basketball back to Seattle, we have elected to voluntarily increase our proposed purchase price for the Sacramento Kings NBA Franchise by $75 million,” wrote Hansen in a post on the Seattle Arena website.
“While we appreciate that this is a very difficult decision for the league and owners, we hope it is understood that we really believe the time is now to bring the NBA back to Seattle, and that it is paramount that we do everything we can to put Seattle’s best foot forward in this process,” he added.
The move comes just days before 30 league owners are scheduled to vote on his purchase of the Kings franchise, and relocation to Seattle.
Multiple reports now suggest a competing Sacramento group is still trying to put together a matching offer for the franchise, that be used as a backup bid to keep the team in Sacramento.
NBA owners are scheduled to vote on May 15 in Dallas. The league's relocation committee already voted to deny the move of the franchise.