It’s a sad day for fans of the Sacramento Kings, with an agreement reached between the Maloof family and a Chris Hansen led Seattle group, pending league approval. Sources told ESPN.com the following:
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.
Early reports like the one above suggested that 65 percent of the franchise would be worth a staggering $525 million, but recent reports have said otherwise.
The $525 million price is a “valuation” on the total franchise. For 65 percent, Seattle group would pay approximately $340 million.
— Adrian Wojnarowski (@WojYahooNBA) January 21, 2013
The return of the SuperSonics is extremely likely now.
Pending league approval, which will give Hansen’s group 65 percent of the team, Hansen will petition the NBA to move the Kings to Seattle.
— David Aldridge (@daldridgetnt) January 21, 2013
A New York connection.
If the Kings move to Seattle, it will be the franchise’s fifth location. The franchise actually started in New York (Rochester).
— Alan Hahn (@alanhahn) January 21, 2013