April 26, 2012; Sacramento, CA, USA; Sacramento Kings owners Phil Maloof, George Maloof, and Gavin Maloof sit court side during the second quarter against the Los Angeles Lakers at Power Balance Pavilion. Mandatory Credit: Kelley L Cox-USA TODAY Sports

Maloofs Hellbent On Screwing Sacramento; Make New Backup Offer To Sell Kings

In the never ending soap opera that is Sacramento Kings basketball and namely, the Maloof family, word has leaked from ESPN that the Sacramento Kings owners have agreed to a “backup” deal with the Seattle based Hansen-Ballmer group in which they would remain in control of the franchise – at least for a while.

Per Brian Windhorst of ESPN:

Two sources told ESPN.com the Maloofs have informed their fellow owners that if their deal to sell and relocate the Kings to Seattle is not approved by league owners next week, they will not sell the team to a Sacramento-based group that promises to keep the Kings in Sacramento.

Instead, the cash-strapped Maloofs have made a “backup” agreement with the Hansen-Ballmer group to sell them 20 percent of the team for $125 million to allow the Maloofs to continue to operate the franchise.

The strong-arm tactics of the Maloof family clearly wont sit well with David Stern or fellow NBA owners and it appears that they’re overlooking the fact that any sale to a “new” owner, no matter if it’s 65% (as originally intended) or 20%, would still take NBA approval.

Then again – these are the Maloofs, so they probably did overlook that.

Minority owners, which the Hansen-Ballmer group would be in that scenario, would be free to buy and sell percentages in the team but you must be approved into the league to be a minority owner, which appears to be the downfall of the plan.

Not to mention, NBA owners are most likely clamoring to approve a deal that would allow the Maloof family to remain in the league.

Thankfully, in less than four days, the matter should be resolved (at least from a Seattle standpoint) once the NBA’s final ruling comes down.

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Tags: Relocation Sacramento Kings Seattle Sonics

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