New York, NY
Looks like the Kings will remain in Sacramento after the NBA's relocation committee unanimously voted to reject the team's move to Seattle.
The committee voted 7-0 to reject the Kings' proposed relocation to the Pacific Northwest, killing the $357 million deal the Maloof family struck to sell the team to investors from Seattle.
With the vote, the Kings' fate will finally be decided by the league's board of governors, consisting of all 30 team owners, during a voting on May 15.
Despite the city's initial victory, Sacramento Mayor Kevin Johnson said it's too early to celebrate because the fight is not yet over.
"It is not over yet," said Johnson, who lobbied league executives relentlessly to keep the Kings in town. "I feel like we have won a round in the playoffs. … There is still work to be done. We do not want to dance in the end zone."
It was not yet clear if the Maloofs will accept the offer from a group of investors eyeing to keep the Kings in Sacramento.
Earlier, the Maloofs informed the NBA that the bid from the Sacramento group, led by software tycoon Vivek Ranadive - was inferior compared to the offer by Seattle investors, spearheaded by hedge fund manager Chris Hansen and Microsoft CEO Steve Ballmer.
According to the Maloofs, Ranadive's group is offering $341 million, or $16 million less than the recently sweetened bid from Seattle's investors.
One league expert expects the Maloofs to sell to Ranadive and his seven partners if Seattle is not an option.
"I have to figure they'll sell … even if it's slightly less," said Michael McCann, a legal expert for NBA TV. "They're still going to make much more on this team than they ever expected."
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