Maloof Asks NBA To Approve Sale To Seattle Group
Posted: Fri Apr 19, 2013 6:00 pm
The Maloof family has asked its fellow NBA owners to approve the sale of the Sacramento Kings to a group from Seattle.
In a letter sent to the NBA's relocation committee, the Maloofs indicates there is "significant distance between us and the Sacramento group."
The Maloofs said the Sacramento group has asked not to enter into a binding agreement until the Seattle deal is terminated.
The Maloofs reached an agreement in January to sell a 65 percent controlling interest in the Kings to Hansen's group at a total franchise valuation of $525 million, an NBA record.
Chris Hanson later voluntarily increased the valuation to $550 million.