Report: Sacramento Kings Sold; Seattle Bound
Senior NBA Writer & College Basketball Editor
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According to Adrian Wojnarowski of Yahoo! Sports, the Maloof brothers are finalizing an agreement to sell the Sacramento Kings to the Hansen-Ballmer led Seattle group for approximately $500 million. The deal hasn’t been finalized yet, but Wojnarowski describes the deal as being “first and goal at the one.”
The reported deal would have the Kings playing in Seattle at the Key Arena by the 2013-14 season. They would move into a new Seattle arena by 2015-16.
The agreement is not official yet. All sales and relocations have to be approved by the NBA and their Board of Governors. Late changes of plans have become a common theme with the Kings, as they’ve very nearly moved to Anaheim and Virginia Beach in recent years.
If the deal is completed, the Maloof brothers are expected to be minority owners still.
Stay tuned to HOOPSWORLD for more on this developing story.