Chris Hansen announced tonight on the sonicsarena.com web site he has increased his bed for the Sacramento Kings by $25 million, for a total valuation of $550 million for the team.
Here’s his statement:
“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.
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.”
The news comes following reports that Sacramento had told the NBA it would match Seattle’s old offer.