By Sharon Bernstein LOS ANGELES, April 17 (Reuters) - California investors made a formal offer to purchase the Sacramento Kings basketball team, the NBA said on Wednesday, in the hopes of staving off a competing bid that would move the team to Seattle. The offer comes shortly after Seattle investors raised their bid to buy the team by $25 million to $550 million last week. The Seattle group hopes to rebrand the team as the SuperSonics to replace a beloved franchise lost to Oklahoma City in 2008. ...
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