Maloof brothers will only sell Sacramento Kings to Seattle group

May 11, 2013 – 7:16 pm by Ryan Phillips

Maloof Brothers

News broke on Saturday that the Maloof brothers (Joe and Gavin) will only agree to sell the Sacramento Kings to the Seattle-based group headed by Microsoft CEO Steve Ballmer and Chris Hansen. If the NBA doesn’t approve a move to Seattle, the Maloofs apparently have a backup plan.

The crash-strapped brothers¬†have made a backup agreement with the Hansen-Ballmer group to sell it 20 percent of the team for $125 million, if the NBA doesn’t approve a full sale. That would allow the Maloofs to continue running the team. Also on Friday, Hansen announced that he had increased his offer to buy out the Maloofs to $409 million (up from $358 million). That would put the total valuation of the franchise at $625 million, since the Maloofs own 65 percent of the team.

The new proposal would also include $115 million offer to the NBA’s owners as a relocation fee. That would work out to about $4 million per team. For comparison, when the Oklahoma City Thunder moved from Seattle in 2008, the franchise paid just $30 million as a relocation free.

The NBA’s relocation committee is planning to re-evaluate it’s rejection of a move to Seattle before the NBA’s owners meet next Tuesday in Dallas.

Meanwhile, the NBA has negotiated a deal with a group led by Silicon Valley billionaire Vivek Ranadive that plans to keep the team in Sacramento. That group’s valuation of the franchise came out to $525 million, and it also brokered a deal with the local government to build a new arena that would include more than $250 million in public funding.

Originally the relocation committee ruled that the Ranadive group’s offer should be enough to keep the team in Sacramento. Now the league is apparently willing to re-examine its decision.

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  1. 7 Responses to “Maloof brothers will only sell Sacramento Kings to Seattle group”

  2. The Maloofs are a real piece of work. How ungrateful can they be to a team and a City that has whole heartedly supported them all these years. They should be ashamed. Thank God the NBA, the Kings, and Sacramento will be rid of them!!

    By Kings Fan on May 11, 2013

  3. This is what you get when a owner runs his team into the ground and is mad at the world for not getting bailed out. These brothers rather see the city suffer because they feel that they are. This is why I never go to there casino when I go to Vegas. I only hope that the NBA stops them.

    By darnell mitchell on May 13, 2013

  4. Professional sports have gotten way out of hand. They are simply one more example of how sick this society has become. Reelecting Obama was another.

    By Topazinator on May 13, 2013

  5. Go Seattle Group. I am so looking forward to the SONICS in Seattle again. I haven’t watched much NBA action since they left though I did root for the Thunder. Thanks Steve Ballmer and Chris Hansen.

    By Brent on May 13, 2013

  6. I am a Seattle fan. I hate seeing what happened in Seattle happen in Sacramento. Initially I was fine aith taking a team from CA not necessarily Sacramento. There is no need for one state to have 4 teams, one state to have 34 teams, and others to have two.
    Don’t get me wrong… If the Seattle group takes control of the Sacramento team it would mirror EXACTLY what Clay Bennett and David Stern allowed to happen to Seattle. The hypocrisy of the NBA is very evident. We are taking teams from markets that are proven and putting them in horrible markets like Toronto. All to try to promote “global” expansion. Give Seattle a expansion team, let Sacramento keep theirs, and eliminate the torontos, charlottes, and even pelicans. Nothing says NBA history like the pelicans.
    My only hope is David Stern doesnt read this and show up at my house

    By Dj on May 13, 2013

  7. Sorry I meant 3 teams not 34.

    By Dj on May 13, 2013

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