The drama has nearly played out, but Sacramento Mayor Kevin Johnson says it is too early to “dance in the endzone,” after the Relocation Committee for the NBA voted unanimously to keep the team in Sacramento. The vote, which is another step in a long process, now forwards the issue of ownership to the full Board of Governors for the National Basketball Association.
Although the issue is far from settled, Sacramento residents and Kings fans see the vote as a significant step in the process to keep a team whose fate has been in limbo for years. The Board of Governors will weigh two ownership options – a Seattle-based group that intends to move the team north, or the group the counter-offer that was orchestrated by Mayor Johnson. That group of local investors would keep the team in Sacramento.
Meanwhile, various news outlets report that the Sacramento-investors are moving their money into escrow this week and could be overfunding escrow at 50 percent, instead of 20 percent as typically required.
The ultimate decision about the future of the Kings will be settled between May 13 and May 15.
Read the full article at the Sacramento Business Journal.