Seattle is desperate to prove it wants to be NBA royalty.
A group of investors representing the city raised the stakes in the bidding war for the Sacramento Kings on Friday. Less than two weeks after an NBA ownership committee recommended that the Kings stay in California, Seattle group leader Chris Hanson announced that he was increasing his offer to buy 65 percent of the franchise from $358 million to $406 million, ESPN and USA Today reported.
The new offer increases the valuation of the team from $550 million to $625 million, which would make the Kings sale the largest in league history. As a comparison, the Memphis Grizzlies franchise sold for $377 million in October of 2012.
The Grizzlies currently are one of eight teams remaining in the 2013 NBA playoffs. The Kings have not been to the postseason since 2006 and went 28-54 this past season.
"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," Hansen said in a statement published in an ESPN.com story. "It is paramount that we do everything we can to put Seattle's best foot forward in this process."
The NBA ownership committee voted 7-0 in favor of recommending to the Board of Governors, consisting of the league's 30 owners, to reject the move to Seattle. The board is expected to vote on the issue Wednesday at a meeting in Dallas.
Hansen and the Seattle group agreed in January to buy the Maloof family's controlling share of the Kings. Sacramento Mayor Kevin Johnson, who had a 14-year career in the NBA, frantically put together a counter-proposal to prevent the Kings' relocation.
A group led by Bay Area software magnate Vivek Ranadive, who currently is a part-owner of the Golden State Warriors, made an offer to purchase 65 percent of the Kings for $341 million on the provision that the franchise remain in Sacramento. That is the offer the NBA ownership committee recommended was in the best interest of the league, ESPN reported last month.
Ranadive's bid secured the promise of more than $250 million in public money to keep the team and build a new arena. That puts the total value of the team at $525 million, which also would make the sale the NBA's largest.
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