Tweet
The Maloof family had been thinking about it for the past couple years, but gave the Sacramento Kings another go last season... but it seems the run is over, and they've sold the team, which will likely move.
According to Yahoo! Sports, the family has finalized an agreement to sell the NBA franchise to a group who have plans to move the Kings to Seattle during the 2013-14 season.
A group, led by hedge-fund manager Chris Hansen and Microsoft chairman Steve Ballmer, will pay approximately $500 million for the Kings. They want to relocate to Seattle's KeyArena for two seasons before moving into a new arena in the city.
Last September, the Seattle City Council approved a deal to build a $490 million area to host NBA and NHL teams.
While the deal isn't official yet, sources tell Yahoo! that it's status is "first and goal at the 1."
The Maloofs are expected to keep an extremely small percentage of the team, but will have no real input or say in the franchise, sources said.
Once the sale is completed, the Seattle-based group will have until March to file for relocation. Furthermore, word is, the Seattle group wants to change the Kings' name and logos back to the original Seattle Supersonics. Stay tuned...
According to Yahoo! Sports, the family has finalized an agreement to sell the NBA franchise to a group who have plans to move the Kings to Seattle during the 2013-14 season.
A group, led by hedge-fund manager Chris Hansen and Microsoft chairman Steve Ballmer, will pay approximately $500 million for the Kings. They want to relocate to Seattle's KeyArena for two seasons before moving into a new arena in the city.
Last September, the Seattle City Council approved a deal to build a $490 million area to host NBA and NHL teams.
While the deal isn't official yet, sources tell Yahoo! that it's status is "first and goal at the 1."
The Maloofs are expected to keep an extremely small percentage of the team, but will have no real input or say in the franchise, sources said.
Once the sale is completed, the Seattle-based group will have until March to file for relocation. Furthermore, word is, the Seattle group wants to change the Kings' name and logos back to the original Seattle Supersonics. Stay tuned...
Comment