The group of Seattle investors trying to purchase the Sacramento Kings and move them to the Pacific Northwest announced Friday that they raised their offer by $25 million, the Sacramento Bee reported.
The development came just hours after a group of Sacramento investors who want to buy the team and keep it in Sacramento matched the Seattle group's original offer.
Seattle hedge fund manager Chris Hansen wrote on his website that he increased the offer to $550 million to buy the Kings from the Maloof family.
Family spokesman Eric Rose told the Bee that the Maloofs rewrote their agreement for the higher offer but would not further comment.
NBA Commissioner David Stern's said in February that Sacramento only needed to match the Seattle offer to keep the Kings because he did not want a bidding war.
Sacramento mayor Kevin Johnson wrote on Twitter of the new Hansen bid: "We, of course, are prepared to maintain the full-court press. We feel good about where we stand."
The Sacramento group is led by software tycoon Vivek Ranadive. The group is adding former Facebook Inc. senior executive Chris Kelly to its group. Ranadive is the head of Tibco Software of Palo Alto, Calif., and part owner of the Golden State Warriors. The group also includes health club financier Mark Mastrov, Sacramento developer Mark Friedman and the Jacobs family of San Diego, who founded Qualcomm Inc.
Also, a judge in Seattle dismissed a taxpayers' lawsuit that challenged the financing for Seattle's proposed $490 million arena. The arena plan includes a $145 million subsidy if the Kings move there and $200 million if Hansen's group can also get an NHL team.