Even after the NBA's relocation committee rejected a possible move to Seattle, the drama surrounding the sale of the Sacramento Kings shows no sign of slowing down.
Sacramento Kings sale: Maloofs reportedly cut new deal with Seattle group
After the other NBA owners rejected a possible move to Seattle, the Maloofs have agreed to a new deal with Chris Hansen that would make him a minority owner and allow them to keep the team.
According to a report from Brian Windhorst of ESPN, the Maloofs have agreed to a new deal with Chris Hansen’s Seattle-based ownership group that would allow them to retain control of the franchise if it stays in Sacramento.
In the deal, Hansen would pay $125 million to become a minority investor, giving the cash-strapped Maloofs the money they need to continue operating the Kings.
The proposal would serve as a back-up plan in case the NBA rejected Hansen’s latest proposal to move the team, in which he upped his offer to $409 million and included a $115 million relocation fee.
The NBA’s relocation committee was scheduled to meet before next Tuesday’s meeting of all 30 ownership groups in Dallas to discuss Hansen’s offer, even before this latest twist.
It’s unclear how this development will affect their decision. While no minority owner can be added without the approval of the league, the Maloofs can also not be forced sell the team.
The Maloofs have shown no interest in selling to the Sacramento-based group led by local investor Vivek Ranadive, who have been negotiating directly with David Stern and the NBA office throughout this process.
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