Unfazed by offers for more money and threats of countermoves, NBA owners on Wednesday voted 22-8 to prevent the Sacramento Kings from relocating to Seattle, multiple media outlets reported.
The Kings have been at the center of a tug-of-war between Sacramento and Seattle since January, when a Seattle group of investors led by Chris Hansen made a deal with the Maloof family - the current owner of the Kings - to buy a 65 percent controlling stake.
The original offer was for $357 million and a total franchise valuation of $525 million, which would eclipse the NBA record of $450 million valuation for the Golden State Warriors in 2010.
Sacramento Mayor Kevin Johnson, a former NBA star with the Phoenix Suns, quickly lined up a second group of investors, led by Silicon Valley tech entrepreneur and Warriors minority owner Vivek Ranadive, who offered $341 million and would keep the franchise in Sacramento.
An NBA relocation committee voted unanimously to recommend that the owners vote in favor of the Sacramento proposal during Wednesday's meeting in Dallas.
Hansen's group then upped its offer to $406 million for the team with a valuation estimated at $650 million. The group also made a secondary deal with the Maloofs to buy 20 percent of the team for $125 million and still allow the Maloofs to run it.
"We will talk to the Maloofs and seek in the next 24 to 48 hours whether we can help facilities a deal between the Ranadive group and the Maloofs for the sale of the franchise in Sacramento," the Sacramento Bee reported NBA commissioner David Stern as saying.
According to the Bee, the commissioner added that the Maloofs' refusing to sell remained a possibility but said, "It is my expectation that we will be able to make a deal with the Maloofs and the Ranadive group to transfer title in Sacramento."
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