Negotiations will be ongoing for the next 24 hours between the Maloof brothers and Sacramento’s investment group to seal a deal on the Kings.
After the NBA Board of Governors denied a bid to relocate the Kings to Seattle, Sacramento’s Mayor Kevin Johnson, Vivek Ranadive and developer Mark Friedman talked to reporters.
The NBA’s commissioner David Stern said he hoped a deal could be worked out with the Maloofs to sell the team in the next 24-48 hours. Mayor Johnson and Ranadive told reporters the brothers’ lawyers have been working with the Sacramento group for weeks to work out details of a possible sale.
The mayor also said despite media reports, the Maloofs never said anything to the Sacramento investor group about not wanting to work out a deal.
After Wednesday’s vote, the mayor said the Maloofs said congratulations and talked with Johnson and Ranadive.
During Sacramento’s presentation to the board, Friedman talked about the arena plan and what it would mean to the Capitol City. Stern said during his comments to reporters that the board’s decision came down to whether they thought Sacramento could continue to support an NBA franchise.
Mayor Johnson said the group met and exceeded what was asked of them, including putting 100% of the offer in escrow before Wednesday’s vote.