*Updated at 3:30 PM PST
The NBA’s relocation and finance committee met today via conference call and, according to both the USA Today’s Sam Amick and ESPN’s Brian Windhorst, the committee confirmed their previous recommendation to block the relocation of the Sacramento Kings to Seattle.
The relocation committee voted unanimously on April 29 to keep the Kings in Sacramento, but on Friday, Chris Hansen and Steve Ballmer upped their offer to the Maloof family from a $550 million valuation of the franchise to a $625 million valuation. The Maloof family and their partner Bob Hernreich would receive an estimated $406 million (65 percent of the valuation) under the new deal and the latest offer from Hansen also comes with a $115 million relocation fee that would be split amongst the other 29 NBA owners.
The Maloof family announced on Saturday that they had also accepted a back-up offer from Hansen to purchase 20 percent of their ownership stake for $125 million if he was turned down to purchase the entire general partnership portion of the team.
According to multiple reports, the NBA has no comment on today’s events. The fate of the Kings will go before the entire Board of Governors when they meet Wednesday in Dallas.
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