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Seattle Group Increases Bid by $25 Million
Posted By HOOPSWORLD On April 13, 2013 @ 8:30 am In Headlines,NBA Headlines | No Comments
In a stunning upping of the ante late Friday night, hedge fund manager Chris Hansen announced he had “voluntarily” raised his bid for the Sacramento Kings to a franchise valuation of $550 million, up $25 million from the previous franchise valuation of $525 million.
Hansen and Microsoft CEO Steve Ballmer have a binding agreement with the Maloof family to buy the Kings. If the sale is approved by the NBA’s Board of Governors at its annual meeting next week, the league’s owners would then have to vote on whether to allow the Kings to move to Seattle, which is the goal of the Hansen group.
The increase in the sale price of the team, disclosed in a brief item Friday night on his webpage detailing the group’s bid for the Kings, came as there were conflicting reports on whether the group of investors trying to keep the team in Sacramento had indeed agreed to match the previous $525 million evaluation.
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