The owners’ relocation and finance committees held a teleconference in the wake of several developments from the Seattle group that is trying to buy the Kings and relocate them. Despite a ramped up effort from Steve Ballmer & Co, the committees decided against their position to recommend the team be kept in Sacramento and not moved to Seattle, a source told Brian Windhorst of ESPN.com.
A final full vote on the matter is expected to come at the owners’ meetings on Wednesday in Dallas. Without a change in recommendation from the relocation and finance committees, however, it seems unlikely that the final vote will go in Seattle’s direction. Even a vote for Sacramento won’t put the team in billionaire Vivek Ranadive‘s hands, however, as the Maloofs still seem intent on selling to the Seattle side.
Last week, Seattle lead investor Chris Hansen increased his offer for 65 percent of the Kings to a record $409MM, up from $358 million. He also offered a relocation fee payout of roughly $116MM to sweeten the pot for owners who may be on the fence. Meanwhile, the Maloofs say if the Seattle move is blocked, they plan to sell a 20 percent share to Hansen’s group and keep controlling interest in the team.