Relocation has been rejected. That's the second major step toward securing a permanent future for the Kings in Sacramento. (The first was finding a local ownership group.) The third major step: get the Maloofs to sell the team to the local investors. George Maloof made some vaguely threatening comments about keeping the team. Given that four months ago the Maloofs signed right up to sell the team for a $525 million valuation, selling for that valuation right now shouldn't be an issue. But this is the Maloofs, so our hearts refuse to believe sanity will reign.
This report from The Bee is, thus, encouraging.
One person close to the talks revealed late in the day that attorneys between the two sides had been talking "seriously" throughout the day, even before the NBA board of governors voted. Those talks included exchanging deal documents, the source said.
Speaking to The Bee late Wednesday, Ranadive, a current Golden State Warriors co-owner, affirmed his confidence.
"I have no doubt we'll get something done," he said.
David Stern said on Wednesday that all of the money the Maloofs will be getting ($200 million, which is the 65 percent of the $525 million valuation minus the city loan and NBA loan) plus $40 million in operating funds is in escrow. That should help speed up a process it seems everyone wants to move quickly.