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NBA Team Owners Meet In NYC To Discuss Fate Of The Kings

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(New York, NY and Sacramento, CA)
Thursday, April 18, 2013
Updated: 1:10 p.m. to include a report from Today's Insight show:
Kings Update Capitol Bureau Chief Ben Adler joins us from New York City where he's staking out the NBA Board of Governors meetings. A vote on whether the Sacramento Kings could be sold from the Maloofs and moved to Seattle was expected, but has been postponed two to three weeks. Ben tells us the latest from New York and reporter Bob Moffitt talks about last night's final game of the season.
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Original story:
The Seattle group has made a $357 million dollar binding offer, with a $30 million deposit.  The Sacramento group has submitted a formal offer as well.  Each city has promised to build the team a new arena.

Several owners declined comment as they entered the St. Regis Hotel in Manhattan, where the NBA's Board of Governors meets Thursday and Friday. 
One owner who did speak with reporters briefly was Joe Lacob of the Golden State Warriors.  Lead Sacramento investor Vivek Ranadivé is currently a Warriors minority owner.  Lacob says he's encouraged Ranadivé to pursue buying the Kings, but that won't affect his vote.

Asked whether it's in the Warriors' best interest for the Kings to move to Seattle, freeing up the entire Northern California market, Lacob downplayed that idea. 
"Somebody might conclude that," said Lacob.  "But I really don't think we look at it that way. Sacramento's been a longstanding team and over many years done very well, certainly.  And we're doing very, very well.  So I don't think that's an issue."

On Wednesday, after owners on the NBA's joint relocation/finance committee met for several hours, Commissioner David Stern said a final vote on the Kings' future wouldn't come until at least early May. 
"The committee still has additional questions as they go through this in great detail about deals, financing, real estate challenges, environmental reviews, lawsuits and the like," Stern told reporters outside the NBA's offices in New York City.

The commissioner avoided questions about possible expansion, which would give both cities an NBA team.  "I'm not going to talk about any of the deliberations," he said.  "There are no current plans to expand."

There's been lots of talk about whether the Sacramento investor group has made binding offer for the Kings and put down a $30 million deposit, as Seattle's group has done,  But those questions may be somewhat irrelevant.

If both the Sacramento and Seattle groups put forth binding agreements, one of those agreements would be broken regardless of where the Kings end up - thus creating a breach of contract.  Meanwhile, the Kings' current owners, the Maloof family, already have one $30 million deposit; a second one would be redundant, as the Maloofs would get double the deposit plus one full purchase price.

For its part, the Sacramento investor group continues to say it's following the process laid out by the NBA and cooperating with all of the league's requests.

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