The Sacramento investors working to purchase and keep the Sacramento Kings from moving recently deposited 50 percent of their proposed purchase price in an escrow account, according to the Sacramento Bee.
Kings sale: Sacramento investors put 50 percent of purchase price in escrow
The local investment group takes another step in its effort to purchase the Kings and keep them in Sacramento.
The Sacramento investor group, led by software executive Vivek Ranadivé, put half of the reported $341 million purchase price in escrow as a down payment toward securing a deal to buy the Kings from the Maloof family. This move follows the positive development of the NBA relocation committee offering its unanimous recommendation to keep the Kings in Sacramento.
The Maloof family still has an agreement in place to sell majority control of the team to a group of Seattle investors led by Chris Hansen, Steve Ballmer and the Nordstrom family. The Seattle group raised its offer to $357 million once Sacramento put together a formidable investment group. The NBA Board of Governors would need to approve the deal between the Maloofs and Hansen’s group, which appears unlikely after the strong recommendation from the relocation committee.
The NBA is expected to make their decision soon, with the league’s Board of Governors planning to vote on May 15 to determine the fate of the Kings.
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