The investment group led by Chris Hansen and Microsoft CEO Steve Ballmer rose to the Maloof family's challenge on Friday night and raised their previous bid to move the Sacramento Kings to Seattle.
In a statement posted on SonicsArena.com, the group noted:
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. — Chris Hansen