Seattle group raises its bid for Kings

The Sports Xchange
The SportsXchange

Chris Hansen raised his bid in his effort to bring the Sacramento Kings to Seattle, KING 5 television in Seattle reported.
Hansen, the lead investor for the Seattle group, 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, according to the report.
Whether this new bid has any effect is debatable, because the NBA's relocation committee already voted to deny the move of the franchise. A final vote by the owners on the issue is scheduled for May 15.
Hansen wants 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."
Sacramento Mayor Kevin Johnson, who last week urged Hansen to end his attempt to purchase the Kings, said in reponse via Twitter, "We feel very confident about the position we are in right now. The NBA leadership and owners have always said that their decision would not be dictated by a bidding war."

What to Read Next