April 17, 2013 at 3:22 PM
Sac Bee report — Sacramento bid is a “non-binding term sheet”
The Sacramento Bee unveiled more details of the Sacramento bid for the NBA Kings today, including that it is a “non-binding term sheet.”
The Bee also reports that the offer asks for the current controlling owners, the Maloof family, to “terminate its deal” with the Seattle group led by Chris Hansen, and prevent the NBA from voting on the Seattle offer.
A league source has also told the Times that the offer does not match the updated Seattle offer of $357 million for 65 percent of the team, based on a $550 million valuation, and does not include the $30 million deposit.