Chris Hansen has raised the offer for the Sacramento Kings by $75 million to a total franchise value of $625 million.
Hansen released a statement Friday afternoon on the sonicsarena.com website.
The team had an enterprise value of $550 million.
On April 29, the NBA relocation committee rejected a request to move the Kings to Seattle.
“We have numerous options at our disposal and have absolutely no plans to give up,” said Hansen after the committee voted.
According to the release, Hansen raised the offer as an effort to demonstrate the commitment to getting an NBA team in Seattle.
King County Executive Dow Constantine commented on the offer:
“Yet again, Chris Hansen, Steve Ballmer, and Peter and Erik Nordstrom have demonstrated their commitment to bring back the NBA. We unquestionably have the stronger proposal. Don’t count out the green and the gold."
Mayor Mike McGinn also released a statement on the announcement:
“We are fortunate to have people like Chris Hansen, Steve Ballmer and Erik and Peter Nordstrom working together to advocate on behalf of Seattle. The fans, my office and our city stand behind them."