SACRAMENTO, CA - The Maloof family is saying those behind the Sacramento bid to buy the Sacramento Kings have until 5 p.m. Friday to submit a written, binding offer that matches that of a Seattle group, sources say.
The Seattle contingent, led by hedge fund manager Chris Hansen and Microsoft CEO Steve Ballmer, has offered the Maloofs $525 million for their 65 percent stake in the team.
Last week, the Sacramento investment group submitted its offer to buy the Kings and build a new arena to the NBA's relocation and finance committees. The dollar figure wasn't made public, however, it was likely more than an earlier offer that Commissioner David Stern described as not financially comparable to Seattle's.
The Sacramento group made verbal dollar commitments. The Maloofs want them in writing. If received, the family says it will consider the offer seriously if NBA owners vote against the Seattle proposal.