ESPN report: Sacramento Kings owners prepare backup deal with Seattle group

Updated:

The current owners of the Sacramento Kings, the Maloofs, have cut a new deal with the Seattle investor group trying to acquire the team, reported ESPN.com.

Sources told ESPN.com the Maloofs have informed their fellow owners that if the sale and relocation of the Kings to Seattle is not approved next week, they will not sell the team to the Sacramento group.

The Sacramento group wants to keep the Kings in the city.

The Maloofs made a backup plan with the Seattle group, led by Chris Hansen, Steve Ballmer and Peter and Erik Nordstrom, to sell 20 percent of the Kings for $125 million and allow the Maloofs to continue to own the Kings. The deal includes a relocation fee, which would be divided among the NBA owners, of $115 million. By comparison, the group that moved the Sonics to Oklahoma City paid $30 million for relocation. 

This comes in just after Hansen announced Friday that he increased his bid for Kings by $75 million to a total franchise value of $625 million.

ESPN is also reporting that the NBA relocation committee is planning to reevaluate the Seattle group’s offer and has scheduled another meeting ahead of Tuesday’s full owners’ meeting in Dallas.