Posted: May 11, 2013 5:47 PM by Bill Halter, AP
SEATTLE (AP) - 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.
PLEASE HELP US MODERATE COMMENTS
Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at firstname.lastname@example.org, and include the name of the story and information on the comment.
Thank you! KSBY.com
Get deals up to 80% off here!
Find the lowest gas prices in your area
Submit your photos to KSBY
Check out our calendar of events
Save with Hot Deals across our counties!
Events across the Central Coast
Follow The CW5 on Facebook.
The KSBY online public file.
What do you think? Leave us your feedback.
KSBY is your official CA Lottery station for San Luis Obispo and Santa Barbara Counties