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

Sacramento Kings: Maloofs Set Ultimatum for Sacramento Investors to Submit Counter-Offer

Major developments this afternoon on the ongoing saga of the Sacramento Kings, whose future in Sacramento remains very much in limbo because a Seattle-based group has a pending purchase of the team.

Now, the Sacramento Bee reports that the Sacramento investors who want to keep the Kings in town have until 5 PM PST on Friday to submit a “back-up” offer to match the bid of the Seattle group.

The report goes on to state that “if the offer doesn’t arrive, or doesn’t match the Seattle bid, the Maloofs have said any talks are off with the Sacramento group.”

Sacramento’s bid is led by Vivek Ranadive, who is also a minority owner of the Golden State Warriors. Ron Burkle, Mark Mastrov, and the Jacobs family of Qualcomm are also involved.

The NBA Board of Governors are set to vote on April 19 on whether or not to approve the pending sale to Seattle, but with this news, there appears to be another added hurdle to Sacramento.

Tags: Maloofs Sacramento Kings

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