Sacramento Kings’ Future Is A Coin Flip
George, Gavin, and Joe Maloof
We all know the History involving the Maloofs and their continued attempts to relocate the Kings. The City of Sacramento has endured six years of relocation discussions and rumors, placing major amounts of strain and uncertainty on the players, Kings fans, General Manager Geoff Petrie and Head Coach Keith Smart. The Maloofs have slowly driven the Kings franchise into the ground, and have toyed with the emotions of a fan base that at one time was considered to be the best in the NBA. The Maloofs have squandered millions of their family fortune, and now are attempting to save themselves by selling the team to a Seattle-Based group.
NBA executives have even stated that they loaned over $126 million to the Maloofs, and has yet to be repaid. The Maloofs have reportedly submitted a letter To NBA stating the alleged Shortcomings of Sacramento’s bid to keep the team. The Letter states that Sacramento’s offer is “deficient economically” with the recent addition of the Hansen-Balmer group. The Maloof’s letter continued to state that Sacramento’s bid isn’t anon-binding offer but rather a “non-binding expressions of interest.” The Maloofs even went as far to question whether Vivek Ranadive even has “sufficient cash,” and have said they see no reason to discuss business with Ranadive.
This is an example of the Maloofs poor business sense. NBA Commissioner David Stern is an impressive businessman to say the least; and Stern understands that with the Maloofs accepting a non-binding offer from the Seattle investment group, Sacramento cannot legally submit a non-binding offer due to the unresolved nature of the current offer.
David Stern has continued to state in recent days that the two offers to buy the team “are in the same ballpark with respect to the net result to the selling family.” Stern has labored for years to find a way to get a deal done in Sacramento, but the Maloofs have remained determined to find a solution that doesn’t involve Sacramento. Stern has also acknowledged the legal standing with regards to Seattle’s binding agreement with the Maloofs, as well as the $30 million non-refundable down payment.