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Maloofs Inform Owners of Refusal to Sell Kings to Sacramento-Based Group

imgres-1The NBA may not want the Kings to move to Seattle, but the ones with the keys to make that move have other ideas. The Maloofs have informed fellow NBA owners that if the league does not approve their deal to sell and relocate the Kings to Seattle, they will refuse to sell the team to a Sacramento-based group that has promised to keep the team in Sacramento.

The Maloof brothers have made an agreement with a Seattle-based group led by Chris Hanen and Steve Ballmer to sell 20 percent of the team for $125 million. The deal would allow the Maloofs to continue to operate the franchise. This agreement comes immediately following Hansen’s announcement on Friday that he has increased his offer to buy the franchise from $358 million to $409 million. The deal would boost the estimated value of the team to $625 million.

The new deal also includes an offer of $115 million to owners to cover a relocation fee. The offer amounts to about $4 million per team. When the Sonics moved to Oklahoma City in 2008, they paid $30 million total as a relocation fee.

Two weeks ago, the NBA relocation committee unanimously voted against the relocation to Seattle. Those with the deep pockets, in this case, Hansen and Ballmer, aren’t letting the decision stop their desire to bring an NBA franchise back to Seattle.

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One Response to Maloofs Inform Owners of Refusal to Sell Kings to Sacramento-Based Group

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