Source: NBA Asks One Kings Bid Group To Cover The Other's Cost
Source: NBA Asks One Kings Bid Group To Cover The Other's CostPublished April 11, 2013
The NBA has asked the group bidding to keep the Kings in Sacramento that if they win, to cover the $30M the competing Seattle group would lose by not getting the club, a source said. The NBA declined to comment. The Seattle group, led by Microsoft CEO Steve Ballmer and hedge fund manager Chris Hansen, has a purchase agreement with the Kings owners, the Maloof family, which includes a $30M non-refundable deposit. Were the Kings to stay in Sacramento, the Seattle group would lose that money. But not wanting Seattle to be discouraged if they do not get the team, the source said, the league wants to make the group’s effort whole. Presumably that would be a show from the NBA that even if Seattle were not to get the team, the league remains high on the market.
The Sacramento group tomorrow is expected to submit its final package to the NBA, as well as announce some new investors.