Sacramento Kings Owner Says Sale of Team to Seattle Group Isn’t Close

by January 10, 2013

Despite published reports of a sale and eventual move to Seattle, according to George Maloof (one of the co-owners of the Sacramento Kings), the deal isn’t even remotely close to being complete. Indeed, this saga continues … Per News10 and the Sacramento Bee: “George Maloof [says] a deal to sell the Kings to Seattle group is not close.”

“A potential snag was reported today in the Maloof family’s negotiations to sell the Sacramento Kings to a Seattle financier – although a source close to the family continues to insist the two sides haven’t even yet discussed a purchase price. The Seattle Times, citing an unnamed NBA source, said the Maloofs are insisting on maintaining some kind of say in how the team is run after it is sold and relocated to Seattle. The Times and Yahoo Sports have reported that the Maloofs would retain a small ownership stake in the team; the new report by the Times says the family wants to maintain some kind of operational control, as well. Nonetheless, a source close to the Maloofs told The Bee today that the family hasn’t had contact with Seattle financier Chris Hansen since just before Jan. 1 and hasn’t received an offer for the team. ‘I fully expect we will see something,’ said the source, who is not authorized to speak publicly. The source added that the Maloofs don’t necessarily want to sell, but would listen to offers. […] Sacramento Mayor Kevin Johnson told reporters Wednesday, after news broke of a possible sale, that there are several potential bidders interested in buying the Kings and keeping the team in Sacramento.”