Maloof Family Agree To Sell Sacramento Kings To Seattle Group
It looks like the Sacramento Kings are a wrap. Following initial reports that said the Maloof's had finalized a deal to sell the NBA franchise to a Seattle-based investor group, the agreement has been executed.
Sources tell ESPN.com that all NBA teams were formally notified Sunday night (January 20) that the Kings have been valued at $525 million and that the Maloof family and a group led by hedge fund manager Chris Hansen have executed a purchase and sale agreement.
The NBA confirmed this through a statement Monday morning (January 21).
Following the deal, the Seattle group intends to file for relocation by the league's March 1 deadline. Furthermore, word is, the Seattle group wants to change the Kings' name and logos back to the original Seattle Supersonics.
The league will still have to approve the sale, but ESPN writes that "ownership transfers typically go through when they reach this phase."