Maloofs Will Only Sell to Seattle Group?
The group trying to move the Sacramento Kings to Seattle is continuing to be relentless in its pursuit.And the NBA could be listening. The Maloofs have informed their fellow owners that if their deal to sell and relocate the Kings to Seattle is not approved by league owners next week, they will not sell the team to a Sacramento-based group that promises to keep the team in Sacramento, two sources told ESPN.com on Saturday.
The cash-strapped Maloofs have made a “backup” agreement with a Seattle-based group led by the deep-pocketed Chris Hansen and Steve Ballmer to sell it 20 percent of the team for $125 million to allow the Maloofs to continue to operate the franchise, the sources said.
That new plan comes on the heels of Hansen’s announcement on Friday that he had upped his offer to buy the Maloofs’ 65 percent of the Kings from $358 million to $409 million, which would boost the estimated value of the team at sale to $625 million. Sources said that new proposal also included a $115 million offer to owners as a relocation fee, which would amount to about $4 million per team. To consider the new figures on the table, the NBA relocation committee has scheduled another meeting ahead of next Tuesday’s full owners meeting in Dallas, sources said.