Kings Finalizing Sale To Seattle Group
The Sacramento Kings are finalizing an agreement to sell to an ownership group from Seattle, according to sources.
The Seattle ownership group is led by Chris Hansen and Steve Ballmer.
Hansen's group has a shovel ready arena project that will be built near Safeco Field. The arena should be ready for the 15-16 NBA season.
The total cost of the arena will be approximately $500 million and Yahoo! reports the sale price will be for a similar amount. A $500 million sale price would be a new NBA record, beating the $450 million paid for the Golden State Warriors in 2010.
The Seattle group hopes to relocate the team to Key Arena for the 13-14 season.
The Kings relocated from Kansas City to Sacramento in 1985.
The Maloof family had previously tried to relocate the Kings to Anaheim and Virginia Beach. The Maloofs will retain a very small ownership stake, but have no significant input in the running of the franchise.