SACRAMENTO, CA - The city of Sacramento wants to make sure $77 million in loans it made to the Sacramento Kings and their owners is paid before the franchise leaves town.
Assistant City Manager John Dangberg sent two letters, one to Maloof Sports (operated by the Maloofs family, the owners of the Kings) and the other to the NBA Board of Governors seeking a written assurance from the former of its intent to pay off the bonds issued and loaned to the Kings in 1997.
Sacramento also wants an escrow account set up.
The city is asking for the written guarantee by April 8, 5 p.m.
George and Joe Maloof said earlier this week they intend to meet their financial obligation and Sacramento Mayor Kevin Johnson said he has been assured by the Maloofs that would happen.
The Maloofs have until April 18 to submit an application to NBA governors to move to Anaheim. That city has approved a $75 million bond to help relocate the team to Anaheim and make improvements to the Honda Center venue.
A majority of the NBA's 30 team owners has to approve the relocation request.