by: Essex Porter Updated:
DALLAS - The NBA Board of Governors are meeting to discuss who will own the Sacramento Kings and whether the team will be moved to Seattle.
KIRO 7 Eyewitness News reporter Essex Porter is in Dallas and will have breaking news reports throughout the day.
Seattle arena developer Chris Hansen and Microsoft CEO Steve Ballmer are leading a group that has offered to buy the team from the current owners of the Kings, the Maloofs, at a price that values the franchise at $625 million.
They also have a made a $20 million backup offer to buy a minority stake in the team.
A competing Sacramento group is offering $100 million less in valuation, but so far the NBA relocation committee is recommending that the Kings stay in Sacramento.
Both Hansen and representatives of Sacramento made their cases before all 30 NBA owners Wednesday in a meeting that is expected to take hours.
Kings co-owner George Maloof has stressed the family’s continued desire to sell the team to Hansen’s group.
But Sacramento Mayor Kevin Johnson believes the Maloofs are still open to selling to Sacramento investors.
KIRO 7 spoke with Paul Allen, who is a representative for the Portland Trailblazers, and he is among the owners who are expected to vote.
"No idea how it's going to play out. It's going to be a good discussion. The league has done their homework and we'll see how it plays out," said Allen.
The NBA is expected to hold a news conference after Wednesday’s meeting.
The news conference will be streamed on kirotv.com.