Seattle group raises purchase price for Sacramento Kings

The Seattle group attempting to buy the Sacramento Kings says it has reached agreement to raise the purchase price by $25 million U.S.

Chris Hansen's group would pay $550M for the team

The Kings in action on December 23, 2012 at Sleep Train Arena in Sacramento, California. (Rocky Widner/NBAE via Getty Images)

The Seattle group attempting to buy the Sacramento Kings says it has reached agreement to raise the purchase price by $25 million.

Chris Hansen, teaming with Steve Ballmer to lead the group, Hansen announced the decision to raise the valuation late Friday night. In a statement on his website, Sonicsarena.com, Hansen says the group has voluntarily raised the purchase price as a "sign of our commitment to bring basketball back to our city."

Hansen's group entered into a binding agreement with the Maloof family in January to purchase the controlling interest of the franchise based on a $525 million value. The purchase agreement has been countered by Sacramento's attempts to put together a potential ownership group that would keep the Kings in California.

The NBA Board of Governors meets next week in New York and is expected to vote on the potential sale and relocation.