Commissioner Stern said the competing offer for the Sacramento Kings is not up to par compared to the bid made for the team by a group of Seattle investors. "It needs a little work," he said. He also said if it doesn't improve, it won't go for consideration before the NBA Board of Governors in mid-April.
Stern went on to say that even though there was a distance between the bid made by Mark Mastrov and the bid made by the Chris Hansen/Steve Ballmer group, that he expected the distance to be closed.
The Commissioner said the team's majority owners, the Maloofs, have seen the Mastrov offer.
And, as Capital Public Radio has already reported, Stern said Kings minority owner John Kehriotis and he have spoken about a second Sacramento-based offer for the team.
Kehriotis tells Capital Public Radio he has a verbal commitment for $750 million but that he has yet to receive a commitment in writing from the group of international investors with who he has been negotiating.
All parties with financial interest will be invited to an April 3 meeting in New York. Sacramento Mayor Kevin Johnson had already alluded to the possibility of a late-March or early-April meeting.
The Sacramento City Council is expected to vote on a term sheet between the City and Ron Burkle who is leading the effort to build a new sports and entertainment complex at the Downtown Plaza in Sacramento.