Report: Maloofs give Sacramento group deadline for ‘back-up’ bid to retain Kings
The Maloof family has placed a deadline on Sacramento’s efforts to keep the Kings from relocating to Seattle, according to the Sacramento Bee.
The Kings owners have given the group of investors seeking to buy the Kings and keep them in Sacramento until 5 p.m. Friday to submit a written, binding “back-up” offer that matches the deal the family has already approved from a Seattle group.
The Seattle investors, led by hedge fund manager Chris Hansen and Microsoft CEO Steve Ballmer, have offered the Maloofs $341 million for the Kings.
The Sacramento group includes Silicon Valley software tycoon Vivek Ranadive, health-club financier Mark Mastrov, the Jacobs family of San Diego and developer Mark Friedman.
According to the Bee:
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.
The source said the NBA a few weeks ago forwarded a “statement of interest” in buying the team to the Maloofs from the Sacramento group, but NBA Commissioner David Stern said the dollar amount in that offer was substantially lower than the offer on the table from Seattle. The source described the initial offer as “not even close” to the reported bid from Seattle of $341 million.
However, following presentations last week in New York from both sides, Stern said the discrepancy between the Seattle and Sacramento offers is no longer an issue.