According to the Sacramento Bee, the NBA finance committee will be reviewing both the signed, binding sales agreement between the Hansen group and the Maloofs, as well as an as-of-yet hypothetical "bid" from a group including billionaire Ron Burkle and 24 Hour Fitness founder Mark Mastrov. Quoting two unnamed sources and an "internal NBA document," the Bee says that the BOG will vet competing offers from both parties before deciding whether or not to approve or deny the sale to Seattle.
One paragraph that sums up the whole story to me; “The finance committee will at some point issue a recommendation to the full NBA board of governors, which can vote yes or no on the sale to Seattle. It cannot, however, require the Maloof family to sign a deal with the Sacramento group.”
I still say there's too many reasons to approve this sale.