Maloofs Reportedly Have a ‘Backup Deal’ With Seattle Investors

In their ongoing efforts to remain the most hated men in all of Sacramento, the Maloof brothers are said to be threatening not to sell the Kings to the group the NBA recently recommended (one that would keep the team in town.) The only good news here, is that all of this madness will soon come to an end. Per the Sac Bee: “The fight for the Kings took another wild turn Saturday, with the Maloofs threatening not to sell the team to Sacramento’s investor group if the NBA blocks the family’s deal with bidders from Seattle. Two sources close to Sacramento’s bidders said they’ve been told the Maloofs won’t do business with them – and have made a backup deal with Seattle’s investors in case their pending $406 million sale is thwarted. According to these two sources, the backup deal calls for the Maloofs, who have struggled financially in recent years, to sell just a 20 percent share of their interest to Seattle investors Chris Hansen and Steve Ballmer. A source familiar with the situation said the Maloofs would get $125 million for that share. While that’s just a fraction of the payout the Maloofs have been expecting, they would remain in control of the Kings if the backup plan is accepted by the league. […] The NBA board of governors would have to approve the Maloofs’ backup plan, but it’s far from certain the board would approve a deal that keeps the controversial family in control of the team. The Maloofs angered many around the league last year when they scuttled a plan for a new Sacramento arena personally negotiated by NBA Commissioner David Stern. The NBA’s relocation panel has already recommended against the move to Seattle but will meet again by conference call Monday to hash out the latest developments, a source said. The NBA’s finance/advisory committee – which is in charge of vetting potential new owners – will also meet by phone Monday. Their recommendations could set up what could be a climactic decision on the Kings’ fate Wednesday in Dallas, where the entire board of governors will meet. The board consists of owners of all 30 teams.”