facebook
twitter
rss
account
search
search
 

Group is asked to put $341 million in escrow to buy Sacramento Kings

May 9, 2013 at 2:04 PM   |   Comments

SACRAMENTO, May 9 (UPI) -- The NBA wants a prospective local buyer of the Sacramento Kings to put its entire $341 million offer in escrow to ease the sale, The Sacramento Bee said.

As the league prepares to vote next week on the team's future, a source told the newspaper the NBA has asked the local investment group led by Silicon Valley entrepreneur Vivek Ranadive to demonstrate it has the means to acquire the team to ease concerns of its current owners, the Maloof brothers, the Bee reported Thursday. The Maloof family has privately expressed concerns about the financing of the Ranadive group, which has put 50 percent of its offer in escrow.

A competing group, with plans to move the team to Seattle, has reportedly placed 100 percent of its $357 million offer into an escrow account, the newspaper said. The Maloofs agreed to a deal with the Seattle group for the higher amount months ago but an NBA committee has recommended against moving the franchise out of Sacramento.

The league's board of governors is expected to vote on the Kings' relocation issue at a meeting in Dallas next week, an NBA official said.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Celebrity Couples of 2014 [PHOTOS]

Celebrity Couples of 2014 [PHOTOS]

Most Popular
1
Arkansas State player fakes death on-field to distract defense, play called 'fainting goat' Arkansas State player fakes death on-field to distract defense, play called 'fainting goat'
2
Minnesota Gov. Mark Dayton calls on Vikings to suspend Adrian Peterson indefinitely Minnesota Gov. Mark Dayton calls on Vikings to suspend Adrian Peterson indefinitely
3
Adrian Peterson facing more child abuse allegations after details about 2013 incident come out Adrian Peterson facing more child abuse allegations after details about 2013 incident come out
4
UPI horse racing roundup UPI horse racing roundup
5
NFL Game Summary - Philadelphia at Indianapolis
Trending News
Video
x
Feedback