Originally posted on RealGM  |  Last updated 5/3/13
An ownership group attempting to purchase the Sacramento Kings to block a relocation to Seattle has deposited 50 percent of the purchase price in an escrow account, according to a source. The deposit signals their latest attempt to reach agreement with the Maloofs on a purchase of the franchise. Vivek Ranadive, who is a co-owner of the Golden State Warriors, is leading the group to keep the Kings in Sacramento. In a letter to the NBA two weeks ago, the Maloofs said Ranadive's bid is only $341 million. The Coalition for Responsible Arena Development is suing the city of Sacramento claiming officials are illegally withholding information about the $258 million subsidy for a new arena approved by the City Council. Mayor Kevin Johnson and others are accused of adding secret 'sweeteners' to the subsidy that will push the actual amount beyond $258 million.
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