Wednesday, April 10, 2013

DEVELOPING: Maloofs Set Friday Deadline For SacTown Bid

((HT: News 10))

According to News 10 in Sacramento, the Maloof brothers/family has given their deadline to the city of Sacramento for something in writing for the bid to keep the NBA Kings in town. To this point, the pledges have been just that... and the city has until close of business Friday to give the Maloofs the paperwork with a written offer.

The group that wants to move the team to Seattle- the Hansen/Ballmer group- has offered the Maloofs $525 million for their 65 percent stake in the team. There is also a bid for a 7-percent stake in one of the minority owner's shares that is currently held in bankruptcy proceedings...

Here was the Seattle point of view when Ron Burkle pulled out- much to the meh of Mayor Kevin Johnson of Sacramento...
The Sacramento Bee has three reporters on the case: From the Bizjak, Lillis, and Kasler piece... 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.

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