ESPN: Maloofs Not Willing To Sell Kings To Sacramento
SACRAMENTO (CBS13) – The Maloof family is making more moves to prevent Mayor Kevin Johnson’s assembled ownership group from buying the Kings.
CBS13 confirmed ESPN.com’s Saturday report that the Maloofs are telling NBA owners if their sale to Seattle is blocked next week, then they will not sell to the Sacramento-based ownership group.
Seattle investors Chris Hansen and Steve Ballmer have also told NBA owners the group will pay a whopping $115 million relocation fee to the league, if owners vote to approve their sale and move.
On Friday, Hansen upped his investment group’s bid for the Kings by $75 million.
The Maloofs and Seattle investors have also reached their own back-up agreement. ESPN reports the agreement includes Ballmer and Hansen buying 20 percent of the Kings for $125 million, allowing the Maloofs to continue operating the franchise.
The league’s owners are set to vote on the relocation application by the Maloofs this Wednesday.