Report: Maloofs cut new deal with Seattle-based investors
The Seattle-based investors trying to move the Sacramento Kings to that city struck a deal with the Maloof family, in which the family informed the other owners of the Kings that they will not sell the team to Sacramento-based group that promises to keep the team in Sacramento, reports ESPN.com.
The Maloofs not selling to the Sacramento group is contingent on the league rejecting a move to Seattle. The move is expected to be voted on next week.
The Maloofs have made a "backup" agreement with the Chris Hansen-Steve Ballmer group to sell them 20 percent of the team for $125 million to allow the Maloof family to continue to operate the franchise.
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That new "backup" plan comes on the heels of Hansen's announcement on Friday that he had upped his offer to buy the Maloofs' 65 percent of the Kings to $409 million (from $358 million) for a total valuation of $625 million. Sources said that new proposal also included a $115 million offer to owners as a relocation fee, which would amount to about $4 million per team. By comparison, in 2008 when the Oklahoma City Thunder moved from Seattle, they paid a $30 million fee to the other owners.