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AP sources: Maloofs agree to sell Kings

9:45 PM, Jan 20, 2013   |    comments
Sacramento Kings owners George Maloof (third from left), Gavin Maloof (third from right), and Joe Maloof (second from right). (PHOTO: US PRESSWIRE)
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Two people familiar with the decision says the Maloof family has agreed to sell the Sacramento Kings to a Seattle group led by investor Chris Hansen.

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.

The Maloofs will still be allowed to look at other bids until the league approves the sale.

Sacramento Mayor Kevin Johnson said last week he had received permission from NBA Commissioner David Stern to present a counteroffer to league owners from buyers who would keep the Kings in Sacramento.

The deadline for teams to apply for a move for the next season is March 1.

Sacramento Mayor Kevin Johnson released this statement on Sunday night:

"Sacramento has proven that it is a strong NBA market with a fan base that year in and year out has demonstrated a commitment to the Kings by selling out 19 of 27 seasons in a Top 20 market and owning two of the longest sellout streaks in NBA history. When it comes to keeping the team in our community, Sacramento is playing to win. In particular, we have been focused like a laser on identifying an ownership group that will both have the financial resources desired by the NBA and the vision to make the Kings the NBA equivalent of what the Green Bay Packers have been in the NFL."

The Associated Press and News10

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