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Update: Maloofs Give Sac Investors Deadline for Formal Offer

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(Sacramento, CA)
Thursday, April 11, 2013

Updated: 11:30 p.m. Thursday

The NBA has reportedly asked the investor group trying to keep the Sacramento Kings from moving to Seattle to compensate the Seattle group for its $30 million non-refundable deposit if the team stays put.

The sports industry publication Street & Smith's Sports Business Daily attributes its story to a single unnamed source.

The source says the NBA wants to make the Seattle group whole if it loses out on the Kings.

Earlier this year, the Maloof family, which owns the Kings, agreed to sell the team to a Seattle group led by hedge fund manager Chris Hansen and Microsoft CEO Steve Ballmer.  As part of that deal, the Seattle group put down a nonrefundable $30 million deposit.  That's the money the NBA reportedly wants the Sacramento group to cover if league owners block the Kings sale and the team doesn't move.

Sacramento's investor group, led by Silicon Valley software company owner Vivek Ranadivé and 24 Hour Fitness founder Mark Mastrov, has presented its own competing offer to the NBA.  The Maloofs have reportedly given Sacramento's ownership group until 5pm Friday to submit a binding offer directly to them.

A spokesman for the Sacramento group declined comment Thursday.

Original post: 5:30 p.m. Wednesday

The owners of the Sacramento Kings appear to be turning up the pressure on the investor group that wants to buy the team and keep it from moving to Seattle.

The Sacramento Bee is reporting that the Maloof Family has given the Sacramento investor group until 5pm Friday to submit a binding offer that matches the bid from the Seattle ownership group.

Spokesmen for the Maloofs, the Sacramento investor group and the NBA all declined comment.  But a source close to the Sacramento group says it's continuing to work closely with the NBA through the process the league has laid out.

NBA owners could vote on the team's fate late next week.

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