The Maloof family that owns the Sacramento Kings has reached an agreement to sell the controlling interest in the franchise to a Seattle group led by hedge-fund manager Chris Hansen and Microsoft CEO Steve Ballmer. Sources told ESPN.com that NBA teams were formally notified Sunday night that the Kings have been valued at $525 million and that the parties have executed a purchase agreement, which still requires league approval.
When new owner Clay Bennett decided to move the Seattle SuperSonics to Oklahoma City after purchasing the team more than four years ago, he left behind the name and the logo for the city to use in case it was ever able to acquire another franchise. Given how well the community supported the organization, it was widely assumed that goodwill gesture would come in handy, but I’m not sure anyone realized how quickly it would come in handy. http://www.cinemablend.com/pop/Micr...Sacramento-Kings-Move-Team-Seattle-51647.html
NBA relocation committee call reveals 'deal points' of Kings' proposed sale to Seattle group The NBA held a conference call with members of the league's relocation committee to outline deal points on the proposed sale of majority ownership of the Sacramento Kings to a Seattle-based ownership group, league sources told Yahoo! Sports. The call detailed what NBA officials described as "a non-binding set of deal points" on a $525 million sale of majority ownership to the Chris Hansen-Steve Ballmer group, sources said. The Kings have yet to file for relocation to Seattle, but will do so before the March 1 deadline to ensure that the franchise can play the 2013-14 season in Seattle's KeyArena, sources said. The Seattle group plans to use KeyArena for two seasons until the completion of a new Seattle arena could be completed. The city of Seattle and King County has a deal with Hansen to construct a new arena once the investment group secures an NBA team. Plans to build a $500 million arena were approved by the local officials in October. The group also will change the team's name back to the Sonics. Seattle lost the Sonics when Bennett moved them to Oklahoma City in 2008. http://sports.yahoo.com/news/nba--n...proposed-sale-to-seattle-group-183116508.html
