Reports: Maloofs reach deal to sell Kings to Seattle-based investment group The Maloof family and a Seattle-based investment group have reportedly reach a deal in their negotiations concerning the Sacramento Kings. ESPN.com reported Sunday that the Seattle group, headed by Valiant Capital’s Chris Hansen and Microsoft CEO Steve Ballmer, will purchase 65 percent of the Kings, a controlling interest, from the Maloofs for $525 million and that NBA teams were “formally notified” of the purchase agreement’s terms on Sunday. The Sacramento Bee also reported Sunday that the Maloofs and the Seattle group have “reached an agreement” to sell the Kings and that the formal announcement could come “as early as Monday.” The Kings reportedly declined comment. As recently as Thursday, NBA commissioner David Stern said that a deal had not yet been reached. Any prospective sale of an NBA franchise is subject to ratification by the league’s Board of Governors. On Jan. 9, Yahoo! Sports reported that the two sides were nearing a deal that is expected to result in the relocation of the Kings to Seattle, possibly as early as the 2013-14 season. The franchise would replace the SuperSonics, who played in Seattle from 1967-68 until 2008, when they were relocated to Oklahoma City and renamed the Thunder. Forbes valued the Kings franchise at $300 million in January 2012. The Kings franchise moved to Sacramento from Kansas City in 1985 and the Maloof family took majority control of the franchise in 1999. http://nba.si.com/2013/01/20/kings-sale-sacramento-seattle-maloofs-chris-hansen-steve-ballmer/
Marc Stein @ESPNSteinLine Sources say deal calls for Maloofs to receive non-refundable $30 million from the Hansen group by Feb. 1 whether or not sale is approved
Adrian Wojnarowski @WojYahooNBA With sale finalized, NBA's Relocation Committee will approve Kings move to Seattle for next season, sources tell Y! "Formality," source says Adrian Wojnarowski @WojYahooNBA As Y! reported Jan. 9, Maloofs were finalizing deal to sell to Hansen-Ballmer Seattle group. On Jan. 14th, deal points of $525M for 65%.
Adrian Wojnarowski @WojYahooNBA The plan has always been for the franchise to reclaim the Sonics name upon returning to Seattle.
Adrian Wojnarowski @WojYahooNBA The $525 million price is a "valuation" on the total franchise. For 65 percent, Seattle group would pay approximately $340 million.
Sources: Maloofs have Kings deal By Marc Stein | ESPN.com The Maloof family that owns the Sacramento Kings has reached a purchase agreement to sell a 65 percent controlling interest in the franchise to a Seattle group led by Chris Hansen for $525 million, according to league sources. Sources told ESPN.com that NBA teams were formally notified Sunday night of the deal, which still requires league approval. The executed purchase agreement to transfer the 65 percent majority stake in the Kings to Hansen's group represents the shares owned by the Maloofs and one minority owner. Sources said that there has not yet been an agreement submitted on the remaining 35 percent of the franchise, which is held by minority shareholders, not the Maloofs. The deal, according to sources familiar with the specifics, calls for the Maloofs to receive a non-refundable $30 million deposit from the Seattle group by Feb. 1. The NBA, furthermore, is expecting Hansen to apply for relocation to Seattle in time for the 2013-14 season by the league's March 1 deadline. Last week, Sacramento mayor Kevin Johnson said he had received approval from NBA commissioner David Stern to present a counteroffer to the league from buyers who would keep the team in Sacramento. He said the city is in a "six-week sprint" to put together a proposal for the NBA's Board of Governors to consider over a potential sale and relocation to Seattle. Yahoo! Sports reported earlier this month that the Kings, upon relocation, would play two seasons in the Seattle SuperSonics' old home at Key Arena while construction is completed on a new building. http://espn.go.com/nba/story/_/id/8...-agreement-seattle-group-buy-team-sources-say
Just like you have to overpay to keep that unrestricted free agent....... Pay what you have to pay in order to land the team! Not too many chances to get a team back in Seattle , they were NOT going to let this chance slip by! Well done!
So the Kings will change their name to Sonics and they will be able to hang their retired numbers from the rafters again and reclaim their history. What will happen to the Kings' and Thunder's history? Because right now when you watch Thunder games, they say things like....... this is their best start since the 1999 season or their all-time record against the Blazers is 95-100. The Thunder seem to be using the Sonics history and records. #HCPconfused
Adrian Wojnarowski @WojYahooNBA Y! Sources: To overhaul Kings organization, new Seattle group has discussed targeting Spurs' R.C. Buford, Larry Bird. http://tinyurl.com/alaqrqr
How about this idea: Kings fire their old coach and hire.... ps. his head looks HUGE on his thin frame there.
LA w/Dwight Philly w/o Bynum = Same record I'm loving this Laker flop way too much. The best part would be if they miss the playoffs.
