Thursday, May 9, 2013
NBA wants Ranadive's bid put into escrow
By Nick Borges
The NBA is hoping Vivek Ranadive's group can come to terms with the Maloof family prior to the board of governors vote on May 15 and as a show of faith the league wants all of the $341 million to be put into an escrow account, reports The Sacramento Bee.
The Maloofs have already agreed to sell their 65 percent stake in the Sacramento Kings to Chis Hansen's group and they have $357 million sitting in an escrow account. The deal with the Maloofs and Hansen will likely be voided once the vote is taken to deny the relocation of the Kings to Seattle.
The Maloofs reportedly aren't sure Ranadive has all the money, but putting it into escrow would end all the speculation. Ranadive's group could be the new owners of the team on May 15 if they sign a deal with the Maloofs before we get to that date.
"Everything could be buttoned up May 15," a source told the newspaper. "It's not outside the realm of possibility."