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Maloof Letter Provides Details of Competing Bids

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(Sacramento, CA)
Friday, April 19, 2013

A copy of the letter obtained by the Associated Press says the Sacramento investors failed to submit a bid as a backup to the offer made by a group of Seattle investors.  

The Maloofs, the majority owners of the Kings, complained that the Sacramento group is insisting the family commit a breach of contract by rescinding its deal with the Seattle group.

In the letter, the Kings' majority owners say Sacramento's down payment is half of the $30 million the Seattle group offered. 

The letter also notes the Seattle group promised to pay the salaries of all  Kings employees' in Sacramento for 18 months if a deal were completed.  The Sacramento group failed to match that. 

It's not clear that any Kings employees would lose their jobs if the team were sold to the Sacramento investors.

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