Letter: Maloofs Favor Seattle’s Deal For Kings
(AP) – The Maloof family is asking NBA owners to approve the sale of the Kings to a Seattle group, saying there is “significant distance between us and the Sacramento group.”
In a letter sent to the NBA’s relocation and finance committee, and obtained by The Associated Press on Friday, the Maloof family said the Sacramento group originally matched the $525 million valuation for the franchise that Chris Hansen negotiated. Hansen then increased the valuation offer to $550 million last week.
The Maloofs said the Sacramento group has asked not to enter into a binding agreement until the Seattle deal is terminated. The Maloofs said that would be a breach of contract and cost them the “leverage to aggressively renegotiate terms in the event the existing agreement is terminated.”
Copyright 2013 The Associated Press.