NBA Relocation Committee Call Held Last Week On Possible Sale Of Kings
The NBA has conducted a conference call with members of its relocation committee about a proposed sale of majority ownership of the Sacramento Kings to a Seattle-based group.
The call detailed what NBA officials described as "a non-binding set of deal points" on a $525 million sale of majority ownership to the Chris Hansen-Steve Ballmer group, sources said.
Discussions of a sale are ongoing and getting closer to completion.
The call took place last Tuesday, one day before Yahoo! reported that a deal was close to being finalized.
The Hansen-Ballmer Seattle group would purchase 65 percent of the Kings, sources said.
The sale price of $525 million is considered an overall valuation of the franchise.
Throughout the negotiations, the Maloofs had sought a way to keep a small percentage of the team in the transaction, sources said. The Seattle group has wanted the family completely out of the organization.