"I think it's not as complete as it probably is going to be by the close of business today or tomorrow," Stern told reporters at a news conference following three days of NBA owners meetings at the St. Regis Hotel in New York City. But he said the Sacramento group's offer is "in the same ballpark" financially as the offer from the Seattle group.
"There is a down-payment," Stern said. "It is binding. We have had assurances of funding support and that has been documented to something in the neighborhood of 80 percent to our satisfaction."NBA Commissioner David Stern says there is nothing wrong with the offer from the investor group seeking to buy the Sacramento Kings and keep them from moving to Seattle.
The league's joint finance/relocation committee will meet again late next week to make a recommendation. Under NBA bylaws, a final vote from the Board of Governors would need to take place at least seven business days later. Thus, Stern reiterated that the team's fate will likely be decided in early May.
Stern indicated the prospect of expansion is a long-term issue and would be dealt with by his successor, Deputy Commissioner Adam Silver, when Stern retires next year.
Stern praised the investor groups from both cities and repeatedly spoke of how tough and unprecedented this situation is. "Seattle is a very strong market, and in fact has gotten stronger and more growth‑oriented than when the NBA left," he said. "But there is another city involved. So I think that the owners are probably individually wrestling with the degree to which the Sacramento incumbency deserves consideration as well.
"There's going to be a disappointed city one way or the other."