Courtesy: Los That Sports Blog

Report: No Formal Offer Has Been Made to Purchase Kings

As Yahoo Sports broke the news yesterday morning that the Maloof brothers were finalizing an agreement to sell the Kings to a Seattle-investment group and relocate the team, news outlets from around the country “jumped the gun” with their reports, leading everyone to believe that a deal was all but done.

Chris Hansen, who leads the investment group, is trying to buy the Kings for $500 million and relocate them to Seattle for the 2013-2014 season. He is also financing a new arena to be built in Seattle to accommodate the team.

However, sources have sold the Sacramento Bee that no deal is done and not even a formal offer has been made. As a matter of fact, the report states that talks are only “conceptual” at this point.

King 5 News, a local station in Seattle, is reporting that there is a division among the Maloof family on whether or not to sell the Kings.

So the plot thickens by the minute. Stay tuned to Golden Gate Sports as we continue our coverage of the Kings’ potential move to Seattle.

Tags: Maloofs Sacramento Kings Seattle

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