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Tuesday, Jan. 22, 2013

NBA's Kings to be sold; likely bound for Seattle

AP

NEW YORK — The Maloof family has agreed to sell the Sacramento Kings to a Seattle group led by investor Chris Hansen, two people familiar with the decision said Sunday night.

The people spoke on condition of anonymity to The Associated Press because the deal is still pending approval from the NBA Board of Governors.

One person said the Maloofs are selling all 65 percent of their share for $525 million to Hansen, who will move the team to Seattle and restore the SuperSonics name.

The sale figure is a total valuation of the franchise, which includes relocations fees. Hansen's group also is hoping to buy out other minority investors.

The Maloofs will receive a $30 million non-refundable deposit on Feb. 1, according to the deal, one person said. They will still be allowed to receive other offers until the league approves the sale.

Sacramento Mayor Kevin Johnson said last week he had received permission from NBA commissioner David Stern to present a counteroffer to league owners from buyers who would keep the Kings in Sacramento.

The deadline for teams to apply for a move for the next season is March 1.

Johnson said in a statement late Sunday night that the city remains undeterred despite the agreement with the Seattle group.

"Sacramento has proven that it is a strong NBA market with a fan base that year in and year out has demonstrated a commitment to the Kings by selling out 19 of 27 seasons in a top 20 market and owning two of the longest sellout streaks in NBA history," Johnson said.

"When it comes to keeping the team in our community, Sacramento is playing to win. In particular, we have been focused like a laser on identifying an ownership group that will both have the financial resources desired by the NBA and the vision to make the Kings the NBA equivalent of what the Green Bay Packers have been in the NFL."



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