The relocation is contingent upon the arena deal. If the relocation was approved but the sale denied, the Maloofs wouldn't have a place to play. They have no deal in place with Seattle for the use of Key Arena and they do not have an agreement with the City of Seattle to build an arena. In other words, that's not a possible alternative. In fact, the idea that the board would vote to allow the relocation while denying the sale is just an exercise in "what if" that is just not going to happen. People need to quit trying to think of all the possible scenarios as equally probable. They aren't.
The only real options are:
1. The committee recommends that the move be allowed. The only way they will do this is if they also recommend the approval of the sale. They aren't going to approve the relocation but not the sale for the simple reason if would create even more of a problem than they have now.
2. The committee recommends that the move not be allowed. If they do this, they are also indicating that they believe the Maloofs should sell to the Sacramento group. Remember, the Maloofs want to sell. They just want to get as much money as possible when they do so.
I think Stern wants the relocation vote first for the simple reason, as others have stated, that he likes the idea of a Hansen/Ballmer ownership group, just not of the Kings. If it boils down to the BoG just saying they do not want to take a team away from our city and our fans, H/B is first in line for either the next team that might decide to move OR an expansion team should Adam Silver promote that after this is settled. (I linked to a pretty good article earlier today that talks about why they cannot consider expansion at this point.)
This is in the hands of the committee. From everything that's been said, and some stuff that hasn't been said, it's fairly clear at least to me that the board will, for the most part, go along with the recommendations of the committee.
Am I 100% sure I'm right? Nope. But I am becoming more and more convinced that the committee just isn't going to be able to find enough weight on the Seattle side of the scale to take our team away. If, as Carmichael Dave has mentioned a few times, this was solely about an expansion team, it would be game over in favor of Seattle. BUT IT'S NOT. It's about taking a viable team from a viable market because the current owners are buffoons and, despite all their neglect and abuse, the fans and the city STILL want to keep our team. In that case, it's all about possession. We have the team and there just aren't good enough reasons to take it away.