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Monday, January 21st, 2013 at 9:00 am  |  49 responses

Deal Reached to Sell the Sacramento Kings to Seattle Group


by Marcel Mutoni @ marcel_mutoni

Despite some halts in the negotiations and talk of a potential buyer emerging in Sacramento to keep the Kings in town, it always seemed inevitable that the team would be sold and moved to Seattle. And, well, here we are.

According to multiple reports, the Maloofs have reached an agreement to sell their stake in the team — believed to be 65% of the franchise value, an estimated $525 million — to a group led by hedge-fund manager Chris Hansen and Microsoft CEO Steve Ballmer.

Per ESPN and NBA.com:

The agreement to transfer the 65 percent majority stake in the Kings to the Seattle group represents the 53 percent owned by the Maloofs and an additional 12 percent from minority owner Bob Hernreich. Sources said that there has not yet been an agreement submitted on the remaining 35 percent of the franchise, which is held by minority shareholders, not the Maloofs. One source close to the process said that the Maloof family, as it was hoping, will retain a “small piece” of minority interest in the franchise after its expected relocation to Seattle and renaming as the SuperSonics for next season. It’s believed, though, that the Maloofs will hold no decision-making power once control of the franchise is transferred. The deal, according to sources familiar with the specifics, calls for the Maloofs to receive a non-refundable $30 million deposit from the Seattle group by Feb. 1.

The source said that the final agreement was signed late Saturday evening between the family and Hansen, who has spent the last couple of years buying more than $50 million worth of land near Safeco Field, where the Mariners play baseball, and CenturyLink Field, home of the NFL’s Seahawks, with the intention of building an arena for a new NBA team.

Official confirmation of the sale is expected soon.

After years of uncertainty, fan anger, and terrible basketball, the Maloof family appears to have finally relinquished control of the team they bought in 1999.

The Kings moved from Kansas City and have been in Sacramento since 1985.

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  • http://www.facebook.com/DanielUpYours Daniel Powers

    cant they please make a shift of teams and jerseys?: make the bobcats disappear and let them be the charlotte hornets again. let new orleans be the new orleans jazz, shift the kings to utah and let the seattle franchise be the sonics again. please mr stern and whoever in charge

  • bringbackthesonics

    i think its time to change my username

  • http://www.facebook.com/DanielUpYours Daniel Powers

    lol. mission complete

  • JM

    The maloofs just made a $325 million profit from what they paid for the kings. Yet the staggering appreciation of NBA franchises isn’t taken into account when the owners claim to be “losing money” why?

  • spit hot fiyah

    the worst thing is that clay bennet owns the rights to the sonics logo and team name, which he said he would give the franchise if they mooved to Seattle. but his credibilty is not the best

  • http://www.facebook.com/DanielUpYours Daniel Powers

    because they can

  • roscoe

    is there anything else you want with your order? fries? anything?

  • roscoe

    it’s okay for people to make money JM… & it’s good for people to make lots of it.

  • Hightz

    Welcome back sonics missed y’all … From a raps fan

  • http://twitter.com/sooperfadeaway nbk

    The Maloof’s are the king trolls

  • Redd

    Phil Jackson is the GM, congrats.

  • http://twitter.com/sooperfadeaway nbk
  • Redd

    ??

  • http://twitter.com/sooperfadeaway nbk

    did you read it?

  • Redd

    I skimmed, read the bottom because I thought it’d conclude what it’s about. Seems like a a letter from a upset fan/writer. Are you going to make me have to read it..lol?

  • bringbackthesonics

    if all goes well, i think they’re going after larry bird too

  • http://twitter.com/sooperfadeaway nbk

    i mean, i’m not going to explain every detail of how this is a bad thing, if you want to know, read the article. lol

  • jason

    I don’t think he’d give it back either.

  • http://www.facebook.com/DanielUpYours Daniel Powers

    a couple of bihatches would be nice

  • Redd

    I meant the gist of it but damn you fine ill read the dumb rant.

  • http://www.facebook.com/people/Mike-Gilbert/100001749589586 Mike Gilbert

    “First we lose Kevin Durant, and now we get Demarcus Cousins????”

  • Los Drogas

    Redd, you might struggle a bit. There are lots of words in the article. I know how hard it is for you to understand all of that. Ask nbk if they have a picture book version for ya.

  • http://www.facebook.com/people/Mike-Gilbert/100001749589586 Mike Gilbert

    great…now my Super Sonics hat is less awesome…well…time to get a Scott Pollard Kings jersey

  • Stephen A. Smith

    Actually he doesn’t own the rights to the logo or the name the city of Seattle does.

  • Redd

    Yeah read that too, great time for Seattle, Seahawks & a promising Supersonics team.

  • Redd

    Yes words are difficult for me, but I somehow am in pre-med.

    Gosh:(

  • http://twitter.com/sooperfadeaway nbk

    i’m not good at gisting up awful people. i can do it about basketball but that’s about it.

  • http://twitter.com/DFried615 Daniel Friedman

    sad day for sac-town, happy day for sonics, good luck.

  • http://www.facebook.com/people/Mike-Gilbert/100001749589586 Mike Gilbert

    there are obviously a lot of pictures in medical books

  • Redd

    Oh, I read it, that stinks man I forgot all about the fact that so many people will be out of jobs.

  • Redd

    ok

  • http://twitter.com/sooperfadeaway nbk

    yeah, the Maloof’s are awful

  • Billy Hoyle

    I just moved to Sac,,,damn you maloof brothers!!!…now the only thing left to do here is golfland sunsplash

  • Redd

    The worst part, these jerks wanted to stay a part of the organization.

  • Redd

    Lol sorry to hear man.

  • k2

    Online Community College has a pre-med program? Go figure.

  • LakeShow

    The only part I don’t hate about this is that Seattle is getting the Sonic’s back…

  • LakeShow

    Just leave the Mariners out lol…

  • The Fury

    you could change it to supersonicsareback

  • The Fury

    Finally, they can retire GP’s number…justice!!

  • roscoe

    the piece talks about wealth management like risk
    has nothing to do with a venture of any sort.

    i respect the itemization Th. Ziller put into the
    piece and the fact he is making one last stand at
    the alamo for the SAC fans, but my man needs a little
    evidence before drawing a conclusion about their business
    practices.

    For instance, look at Las Vegas’ Q4 results, and as
    dreadful as they were for many of the casinos, I am
    not a rocket scientist, but i did take geography,
    and knowing that the maloof’s hotel ain’t on the
    strip tells me vegas’ tourist are less inclined
    to visit their hotel. Imo, it seems to me this is
    more about their portfolio of business holdings
    not performing like so many consumer driven or
    discretionary income industries over the past 4 or
    5 years.

    I believe the true story lies on the financial
    statements of the maloofs which we will never
    see. In the same breath, the maloofs public
    negotiating was ruthless to the fans, but if
    you read about W.Buffet he would say when there
    is blood on the streets, buy.

    Call me a capitalist… i truly believe
    everyone has a right to do whatever they want
    with their business withstanding any commitments
    made in writing or verbally to fans or employees
    for that matter that may contradict the owner’s
    decisions’ to sell.

    Lastly, I dug the article… good stuff nbk.

  • roscoe

    you should try copying and pasting into transpose software… reading made easy…

  • Redd

    I was on IGN & on my phone so wasn’t too interested in reading it all, my fault lol..

  • Redd

    Greendale does

  • http://twitter.com/sooperfadeaway nbk

    I actually completely agree with everything you just said. I put up the article because it (imo) shows a lack of accountability from the Maloof’s. I’m fine with them making these decisions, as long as they actually own up to making them. The misleading of the public, and especially their staff, are really the parts that I fine to be bad. The business side of it is their deal.

  • Ugh

    To ‘hypocrites-r-us’?

  • Ugh

    Zing!
    That was pretty good.

  • GBtha G

    Interesting move.I think the Kings gonna improve once in Seattle.

  • roscoe

    agreed.

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