Re: Rich guys continue to fight over future of Kings in Sacramento
The Maloof family has given the Sacramento investors seeking to buy the Kings until 5 p.m. Friday to submit a written, binding "back-up" offer that matches the deal the family has in place to sell the franchise to a group in Seattle, a source close to the deal told The Bee today.
The source told the Bee that if the Maloofs receive a matching offer by Friday, they will consider it as a serious back-up proposal should the NBA nullify their tentative deal with Seattle. If the offer doesn't arrive, or doesn't match the Seattle bid, the Maloofs have said any talks are off with the Sacramento group. The source declined further comment about who issued the ultimatum, when, or why.
The source said the NBA a few weeks ago forwarded a "statement of interest" in buying the team to the Maloofs from the Sacramento group, but NBA Commissioner David Stern said the dollar amount in that offer was substantially lower than the offer on the table from Seattle. The source described the initial offer as "not even close" to the reported bid from Seattle of $341 million.
-- Sacramento Bee