Sacramento Kings Sale - News Update: NBA to Decide On Sale And Relocation On Monday

On Thursday, April 25, the NBA announced that its Relocation/ Finance Committee will be conducting a meeting next week to discuss the fate of the Sacramento Kings. The meeting scheduled for Monday is expected to help the committee make proper recommendations as to whether the team should stay in Sacramento or move to Seattle, a league spokesperson said.

The committee, consisting of the 12 owners of the NBA teams, will be meeting via teleconference, spokesperson Mike Bass said. It will discuss if the Maloof family--current owners of the Sacramento Kings franchise--should sell the team to a group of investors in Seattle or to keep the franchise in Sacramento by finalizing the sale to Sacramento investors.

Currently, the Maloofs have agreed to sell 65% of their team shares to Microsoft Corporation CEO, Steve Ballmer, and Chris Hansen, hedge fund manager. For $357 million, the Sacramento Kings will be moved to Seattle. However, another team of investors, headed by Silicon Valley Executive Vivek Ranadive, are looking to purchase the shares and keep the team in Sacramento. The committee aims to finalize its recommendations on the issue by Monday's meeting.

However, the NBA Board of Governors would still have to wait until the first week of May before they can make a decision on the impending sale. Under NBA rules, the board must wait seven business days after the recommendations have been submitted before it can vote on the matter.

"We're looking to early to mid-May for a board vote," said Bass.

Just five years ago, the NBA went through the same process when the Seattle Supersonics left town and moved to Oklahoma City, in a team which is now known as the OKC Thunder. During that time, many thought the dealings were flawed and that the NBA was complicit. Now, the Sacramento Bee is reporting that NBA Commissioner David Stern is "anguishing" over the same process.

The members of the Relocation/Finance committee include Peter Holt of the Spurs and current Chairman of the Board, Wyc Grousbeck of the Celtics, Micky Arison of the Heat, Greg Miller of the Jaazz, James Dolan of the Knicks, Jeanie Buss of the Lakers, Herb Simon of the Pacers, Larry Tanenbaum of the Raptors, Robert Sarver of the Suns, Glen Taylor of the Timberwolves, Clay Bennett of the Thunder and Ted Leonsis of the Wizards.