In letter sent to NBA owners, Maloofs ask league to approve Seattle group's bid for Kings

Published April 19, 2013

| Associated Press

The Maloof family is asking NBA owners to approve the sale of the Kings to a Seattle group, saying there is "significant distance between us and the Sacramento group."

In a letter sent to the NBA's relocation and finance committee, and obtained by The Associated Press on Friday, the Maloof family said the Sacramento group originally matched the $525 million valuation for the franchise that Chris Hansen negotiated. Hansen then increased the valuation offer to $550 million last week.

The Maloofs said the Sacramento group has asked not to enter into a binding agreement until the Seattle deal is terminated. The Maloofs said that would be a breach of contract and cost them the "leverage to aggressively renegotiate terms in the event the existing agreement is terminated."

URL

http://www.foxnews.com/sports/2013/04/19/in-letter-sent-to-nba-owners-maloofs-ask-league-to-approve-seattle-group-bid/