Posted May 10, 2013 on
AP on Fox
A person with knowledge of the situation tells The Associated Press that the Seattle group seeking to purchase and relocate the Sacramento Kings has struck a backup deal with the Maloof family if the NBA denies the pending sale and relocation.
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, but it would be at least 20 percent. The person spoke to the AP on Saturday 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.
Hansen and Ballmer already upped the stakes on Friday when they announced they had increased the valuation of the Kings from $550 million to $625 million in another attempt to sway NBA owners to allow him to buy the franchise and move it to Seattle.
BEST OF MAXIM
AROUND THE WEB
THE PLOT THICKENS
Sacramento appeared to score a victory recently when it looked like they would keep the Kings, but that may no longer be the case.
MAN OF THE PEOPLE
Heat owner Mickey Arison's recent discussion with a jilted Sonics fan brought to light a lot about the Kings situation, and also the future landscape of the league as well.
The seemingly never ending story of the Maloof brothers trying to sell the Sacramento Kings and move them to Seattle keeps continuing with more and more chapters.
In the latest move, ESPN.com reporter Brian Windhorst reports that Joe and Gavin Maloof have a plan B in the event the NBA Board of Governors reject the proposed sale to Seattle financier Chris Hansen...
NBA owners voted Wednesday to reject the Sacramento Kings' proposed move to Seattle, the latest in a long line of cities that have tried to land the franchise.
The 22-8 vote followed a recommendation made last month by the NBA's relocation committee and may have finally brought an end to an emotional saga that has dragged on for nearly three years.
A group led by investor...
Phil Jackson wants to see if the Sacramento Kings are sold to the Seattle consortium before deciding where to work next season.
Jackson has expressed an interest in a front office role similar to Pat Riley’s situation with the Miami Heat.
Jackson has "hit it off" with Chris Hansen, who leads the Seattle group attempting to buy the Kings.
Chris Hansen, half of the wanna-be owners of the SacKings moving to Seattle to re-become the SuperSonics, has increased his total bid of the Sacramento Kings from $550 million to $625 million. Hansen also announced on his website, sonicsarena.com, that he has guaranteed other NBA owners that the new Seattle franchise would pay into revenue-sharing instead of taking moneys out.
Chris Hansen has increased the bid of his Seattle-based investor group for the Sacramento Kings by $75 million to a valuation of $625 million.
Hansen had already raised the valuation of his bid to $550 million in an attempt to sway NBA owners.
The NBA's relocation committee voted a recommendation that the Kings remain in Sacramento.
Desperate times call for desperate measures. After the NBA’s Relocation Committee unanimously voted to deny relocation of the Sacramento Kings, prospective Seattle owner Chris Hansen released a statement that included the following line: “I just wanted to reassure all of you that we have numerous options at our disposal and have absolutely no plans to give up.”
Well, now we...
Monta Ellis has yet to decide if he will opt out of his $11 million deal for the 13-14 NBA season, but he could have one potential suitor in the Sacramento Kings.
A member of the Kings' prospective ownership group has worked on a background check on Ellis as a potential player to sign if Tyreke Evans departs in the offseason.
Evans will be a restricted free agent in the offseason.