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Seattle group announces its raising purchase price for Kings to $550 million

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Sacramento Kings' Toney Douglas, left, shoots against San Antonio Spurs' Kawhi Leonard during the second half of an NBA basketball game on Friday, April 12, 2013, in San Antonio. San Antonio won 108-101. (AP Photo/Darren Abate) (The Associated Press)

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.

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