The Maloof family, who currently control ownership of the Sacramento Kings, is asking NBA owners to approve the sale of the Kings to a Seattle group, saying there is a "significant distance between us and the Sacramento group," according to the Associated Press on Friday. If approved, the Seattle group will likely move the team to Seattle and re-create the now-defunct Seattle Supersonics franchise.
In a letter sent to the NBA's relocation and finance committee obtained by the AP, the Maloof family said the Sacramento group originally matched the $525 million valuation for the franchise negotiated by Chris Hansen, leader of the Seattle group. Hansen then increased his group's offer to $550 million last week.
The Maloofs said, under terms of the Seattle deal, they were allowed to enter into binding "back-up" offers until owners approve the agreement, according to the letter. The family said it would breach its contract with Hansen if it terminated the deal but that the Sacramento group continues to insist it do so.
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