Sacramento Kings Will Stay in California
Updated On: May 15 2013 06:01:56 PM CDT
The Sacramento Kings are staying in Sacramento.
The NBA Board of Governors voted Wednesday not to allow the Kings to move to Seattle.
The Kings' future in Sacramento has been in limbo as an ownership group in Seattle, headed by hedge-fund manager Chris Hansen and Microsoft CEO Steve Ballmer have pursued moving the Kings to the Northwest.
Last week, the Seattle group lead increased its offer for 65 percent of the Kings to a record $409 million from $358 million. It also offered a relocation fee payout of $4 million per team for a total of about $116 million.
The Maloofs told fellow owners if the team is not allowed to move to Seattle, they would sell a 20 percent share to Hansen's group and keep controlling interest in the team.
The Maloof family also told the league they don't intend to sell the team to a group led by Silicon Valley billionaire Vivek Ranadive, even if the move to Seattle is blocked.
Ranadive has worked with NBA commissioner David Stern to keep the Kings in Sacramento and build a new arena there.
NBA Commissioner David Stern called Wednesday's vote a big win for Sacramento.
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