Maloofs will sell Kings to group in Seattle

The only thing stopping the Sacramento Kings from a sale and move to Seattle is approval by NBA owners.

The Maloof family has agreed to sell the Kings to a Seattle group led by investor Chris Hansen, the league confirmed in a statement Monday morning. 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 sale figure is a total valuation of the franchise, which includes relocation fees. Hansen's group also is hoping to buy out other minority investors.

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

-- Associated Press

It is almost official :D Just waiting on a few more approvals. We have to wait for the approval of the NBA Board of Governors and then the approval of the relocating committee. :cheers:

Finally we can reward Sonics greats by raising their jerseys to the rafters.

Apparently the NBA great, at least to me, Kevin Johnson, Mayor of Sac-Town, is trying to put together a last ditch effort to get save the Kings. Dude has got together 20 people to invest $1 million to become minority owners of the Kings :facepalm

[url]http://hangtime.blogs.nba.com/2013/01/22/sacramento-lines-up-minority-investors/[/url]

[QUOTE=JellyBean]Apparently the NBA great, at least to me, Kevin Johnson, Mayor of Sac-Town, is trying to put together a last ditch effort to get save the Kings. Dude has got together 20 people to invest $1 million to become minority owners of the Kings :facepalm

[url]http://hangtime.blogs.nba.com/2013/01/22/sacramento-lines-up-minority-investors/[/url][/QUOTE]

It could work, but I honestly don't see Stern or any owner ok'ing the Kings' 20 minority owners, besides the backstabbing Clay Bennett. It doesn't add up. Decision making becomes a real problem as 20 of those owners might have different interests in where the Kings are going, whether financial reasons or whatever.

Meanwhile, Hansen and Steve Ballmer, both very rich have enough stability for ownership of a team. Not to mention Seattle would be the 12th largest market vs Sac Kings small market (Stern likes money). Plus Stern did say before he retired, he wanted Seattle to have a team. This is one of the rare chances to make this happen.

In Feb 2014, if what he says is true and he's going to retire, it will be the EXACT time where Seattle will begin to play its first season, assuming the Kings are going to relocate. Like Woj said, Stern is a dictator. He's going to get what he wants.

[QUOTE=Killbot]It could work, but I honestly don't see Stern or any owner ok'ing the Kings' 20 minority owners, besides the backstabbing Clay Bennett. It doesn't add up. Decision making becomes a real problem as 20 of those owners might have different interests in where the Kings are going, whether financial reasons or whatever.

Meanwhile, Hansen and Steve Ballmer, both very rich have enough stability for ownership of a team. Not to mention Seattle would be the 12th largest market vs Sac Kings small market (Stern likes money). Plus Stern did say before he retired, he wanted Seattle to have a team. This is one of the rare chances to make this happen.

In Feb 2014, if what he says is true and he's going to retire, it will be the EXACT time where Seattle will begin to play its first season, assuming the Kings are going to relocate. Like Woj said, Stern is a dictator. He's going to get what he wants.[/QUOTE]


I don't see the 20 plus owner thing working out, if it happens. I just hope that they close this deal soon so that we don't miss the March 1st relocation deadline. We ge the Sonics sold, relocate and back in the NBA.

I'm all for bringing the sonics back but the league needs less Green and more Purple to sort of balance things out.

Some in Sacramento continue to try to keep the Kings in down, but I don't see how the Maloofs pass up the massive money Seattle's group is offering

[QUOTE=SourPatchKids]I'm all for bringing the sonics back but the league needs less Green and more Purple to sort of balance things out.[/QUOTE]

:biggums:

Then tell the other teams to stop being red or blue. Not the Sonics. Sonics have a unique color set.

[QUOTE=insidehoops]Some in Sacramento continue to try to keep the Kings in down, but I don't see how the Maloofs pass up the massive money Seattle's group is offering[/QUOTE]

Yup. Burkle is a billionaire too. Fck.

The Maloofs' plan to sell the Sacramento Kings to a Seattle group ran into a pair of hurdles Thursday