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NBA STATEMENT REGARDING PROPOSED SALE OF SACRAMENTO KINGS
NEW YORK, January 21, 2013 – The National Basketball Association has issued the following statement regarding the proposed sale of the Sacramento Kings:
“The NBA received an executed Purchase and Sale Agreement for the transfer of a controlling interest in the Sacramento Kings from the Maloof family to an investor group led by Christopher Hansen. The proposed transaction is subject to the approval of the NBA Board of Governors and has been referred to the Board’s committee process for review.”
Source: NBA Media
The Maloof family announced today that an executed purchase and sale agreement has been reached to sell the family’s interest in the National Basketball Association (NBA) Sacramento Kings to a group led by investor Chris Hansen. The transaction requires approval by the NBA's Board of Governors and therefore no comments or details regarding the agreement will be released.
“We have always appreciated and treasured our ownership of the Kings and have had a great admiration for the fans and our team members. We would also like thank Chris Hansen for his professionalism during our negotiation. Chris will be a great steward for the franchise,” said Gavin Maloof, Kings co-owner speaking on behalf of the Maloof family.
Eric W. Rose
Maloof Family Spokesperson
Two people familiar with the decision say the Maloof family has agreed to sell the Sacramento Kings to a Seattle group led by investor Chris Hansen.
Bringing joy back to Seattle will mean pain for new batch of fans, Bill Reiter says.The people spoke on condition of anonymity to The Associated Press on Sunday night because the deal is still pending approval from the NBA Board of Governors.
One person said the Maloofs are selling all 65 percent of their share for $525 million to Hansen, who will move the team to Seattle and restore the SuperSonics name.
When it comes to NBA stories, Adrian Wojnarowski is more on top of it than anybody so we'll let him tell the story:
The Maloofs are finalizing an agreement to sell the Sacramento Kings to the Hansen-Ballmer led Seattle group, sources tell Yahoo! Sports.— Adrian Wojnarowski (@WojYahooNBA) January 9, 2013
The deal will sell the Kings for approximately $500 million, with the Seattle group seeking relocation to Key Arena for the 2013-'14 season.— Adrian Wojnarowski (@WojYahooNBA) January 9, 2013
The Seattle group's plans, with support of the NBA, is to play two seasons in Key Arena before moving into a new Seattle arena, sources say.— Adrian Wojnarowski (@WojYahooNBA) January 9, 2013
No agreement signed, but one source describes deal as "1st and goal at 1." Maloofs history of changing course late still makes many uneasy.— Adrian Wojnarowski (@WojYahooNBA) January 9, 2013
The Maloofs are expected to keep an extremely small percentage of team, but will have no real input or say in franchise, sources say.— Adrian Wojnarowski (@WojYahooNBA) January 9, 2013
For his entire story: CLICK HERE
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