A deal to sell the Sacramento Kings to a Seattle investment group led by Chris Hansen has been struck.
NBC Sports first reported the deal.
The Maloofs will sell 65 percent of the team to Hansen’s group for approximately $340 million, souces tell Yahoo Sports, with the Maloofs retaining a “small piece” of the team. There is no agreement yet on who will own the remaining 35 percent, as those shares are not owned by the Maloofs.
The total valuation of the franchise is at $525 million, but Hansen will only have to pay 60 percent of that for $340 million.
Hansen will be ready to announce a tentative agreement on Monday.
The sale between the Maloofs and Hansen that would essentially relocate the team to Seattle has been talked about for several weeks, and now is signed and done.
However, the sale must be approved by the NBA Board of Governors, or the 29 other owners, with advice from commissioner David Stern. This is not merely a formality, as Stern has been supportive of keeping the franchise in Sacramento.
Sacramento will have a chance to respond with their own offer to buy the team, but this can only happen if the Board of Governors choose to reject the sale to Hansen’s investment group.
Mayor Kevin Johnson has undoubtedly been working hard to convince an investor to buy the Kings and keep them in Sacramento, and there are reportedly several interested buyers.
But first, he must convince the owners to decline the sale, or else the Sacramento Kings will be no more.