Kings owners urge league to approve Seattle offer
The Maloof family wrote in a letter to the NBA this week urging the league to approve their deal to sell the Sacramento Kings to a Seattle group.
The Sacramento Bee reported Friday that the letter, dated April 17, said that the offer from a Sacramento group to buy the team from the Maloofs and keep it in Sacramento is "significantly more uncertain than, and significantly deficient economically as compared to, our existing, binding agreement" with the offer made by the Seattle group, headed by hedge fund manager Chris Hansen.
The letter indicates that Sacramento will not enter into a binding agreement until the Maloofs terminate their deal with the Seattle group. It also says the Maloofs have stopped talks with Sacramento and ends by asking the NBA to vote in favor selling the team to Hansen's group.
A group of Sacramento investors recently matched Hansen's original bid of $341 million, but Hansen upped it to $357 million. Sacramento mayor Kevin Johnson indicated earlier this week that the Sacramento group, headed by Silicon Valley software executive Vivek Ranadive, would not match Hansen's latest bid.
Hansen's offer includes moving the team to Seattle.
