Seattle group has backup offer in quest to buy KingsPosted by Inside Hoops
If the NBA Board of Governors denies the pending sale and relocation of the Sacramento Kings, the Seattle group seeking to purchase the franchise has a backup deal with the Maloof family.
The backup agreement would have the Seattle group, led by investor Chris Hansen and Microsoft Chairman Steve Ballmer, purchase a limited ownership of the Maloofs stake in the Kings, a person with knowledge of the deal told The Associated Press on Saturday. The limited partnership would be a purchase of at least 20 percent of the Maloofs stake in the franchise at a valuation of $600 million.
The person spoke to the AP on the condition of anonymity because they were not authorized to publically discuss the details of the offer. ESPN.com first reported the backup deal. If the backup plan is used, the Maloofs would retain majority ownership of the franchise and continue to run the team in Sacramento. But Hansen’s group would hold a two-year right to purchase a majority interest of the franchise at a later date.
– Reported by the Associated Press