NBA Pushing Ranadivé Group Bidding For Kings To Deposit 100% Of Offer Into Escrow
The NBA is "encouraging" the Sacramento group bidding to buy the Kings to put 100% of its $341M purchase offer "into an escrow account in hopes of persuading the Maloof family, which owns the team, to sign a deal with the local group," according to a source cited by Bizjak, Lillis & Kasler of the SACRAMENTO BEE. The source said that NBA officials are "suggesting" the group make the move to "prove it has the wherewithal to sign what has been described as a backup offer to purchase the team" behind the Chris Hansen-Steve Ballmer group out of Seattle. The Maloofs have "expressed concerns privately about the financing" of the Sacramento group, which is being led by Warriors Vice Chair Vivek Ranadivé. Sources said that Ranadivé's group already has put 50% of its team purchase offer "into an escrow account." A source said putting the entire amount down would help "alleviate the Maloofs' concern, and greatly increase the likelihood a deal could get done." The competing Seattle group reportedly has placed 100% of its $357M offer "into an escrow account" (SACRAMENTO BEE, 5/9).