Maloof Family Set Deadline for Investors
The Maloof family has given the Sacramento investors seeking to buy the Kings until 5 p.m. Friday to submit a written, binding “back-up” offer that matches the deal the family has in place to sell the franchise to a group in Seattle, a source close to the deal told The Bee today.
The source told the Bee that if the Maloofs receive a matching offer by Friday, they will consider it as a serious back-up proposal should the NBA nullify their tentative deal with Seattle. If the offer doesn’t arrive, or doesn’t match the Seattle bid, the Maloofs have said any talks are off with the Sacramento group. The source declined further comment about who issued the ultimatum, when, or why.