Kings owners set Friday deadline for Sacramento offer

Kings owners set Friday deadline for Sacramento offer

Credit: NBAE/Getty Images

Sacramento Kings owners, Phil Maloof (L), George Maloof (C), and Gavin Maloof (R), watch their team face off against the Los Angeles Lakers on April 26, 2012 at Power Balance Pavilion in Sacramento, California.

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by Associated Press and KING 5 News

KING5.com

Posted on April 11, 2013 at 11:34 AM

Updated Sunday, Nov 24 at 11:52 PM

The current owners of the Sacramento Kings have given a Sacramento group seeking to buy the franchise until Friday at 5 p.m. to submit a written binding offer that matches the deal to sell the franchise to a Seattle group.

If the offer is not received or does not match the Seattle offer, the Maloof family reportedly will cut off any talks with the Sacramento group.

In January, the Maloofs agreed to sell their controlling interest in the Kings to Seattle investors -- hedge fund manager Chris Hansen and Microsoft CEO Steve Ballmer -- for a reported $341 million.

The Sacramento group looking to purchase the Kings includes Silicon Valley software mogul Vivek Ranadive, East Bay health-club financier Mark Mastrov, Sacramento developer Mark Friedman, and the Jacobs family of San Diego.

The NBA Board of Governors could decide the fate of the Kings at its April 18-19 meetings.

Sacramento Mayor Kevin Johnson was in a courtside seat Wednesday for the Kings game with the New Orleans Hornets and commented on the situation.

"I feel good about where we are. We are down to the fourth quarter, a couple minutes left in the game, and I think what all the people are saying is good for us," Johnson said. "Our ownership group is talking to the NBA and the Maloof's attorney on a regular basis. I feel comfortable with how strong our bid is, and how competitive it will be.”

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