Maloofs agree to sell Kings to Seattle-based group
The only thing stopping the Sacramento Kings from a sale and move to Seattle is approval by NBA owners.
The league confirmed in a statement Monday morning that the Maloof family has agreed to sell the Kings to a Seattle group led by investor Chris Hansen. The deal is still pending a vote by the NBA Board of Governors.
A person familiar with the decision said that Hansen's group will buy 65 percent of the franchise for $525 million, move the team to Seattle and restore the SuperSonics name. The Maloofs will have no stake in the team.
The person spoke to The Associated Press on condition of anonymity because the deal was waiting approval.
The plan by Hansen's group is to have the team play at least the next two seasons in KeyArena before moving into a new facility in downtown Seattle. The deadline for teams to apply for a move for next season is March 1.
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.
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