Looks like the Kings have been sold to the Seattle Group


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Sacramento Kings to Seattle deal imminent

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Posted on January 20, 2013 at 8:48 PM
Updated today at 7:17 AM

SEATTLE – On Monday morning, the NBA issued the following statement: "The NBA received an executed Purchase and Sale Agreement for the transfer of a controlling interest in the Sacramento Kings from the Maloof family to an investor group led by Christopher Hansen. The proposed transaction is subject to the approval of the NBA Board of Governors and has been referred to the Board's committee process for review."

Multiple sources say a deal to sell the Sacramento Kings to a Seattle Group is imminent, and could be formally announced as early as Monday.

The sources close to the negotiations says sides have been preparing to make the announcement early next week.

Chris Hansen’s investment group has been negotiating with the Maloof family off and on for several months, and only in the last few weeks did the talks really heat up. The potential $500 million dollar deal would be subject to NBA approval, and would require Hansen to file for relocation by March 1st.

The team would play in Key Arena for at least two years. Hansen needs to have an NBA anchor tenant in place before his group can begin construction on a proposed $490 million dollar arena in Seattle’s SoDo neighborhood. Hansen would receive $145 million dollars in public financing if only an NBA team plays there. He would receive $200 million if both an NBA and NHL team play there.

That proposal still faces two lawsuits, and is currently going through a design and environmental review.

The New NBA franchise would be known as the Sonics. The City has not had a professional basketball franchise since 2008, when the then-Sonics moved to Oklahoma City and became the Thunder. That franchise called Seattle home for 41 years.

Sacramento Mayor Kevin Johnson said late Sunday, in a brief Facebook message, that he would not give up without a fight:

“Sacramento has proven that it is a strong NBA market with a fan base that year in and year out has demonstrated a commitment to the Kings by selling out 19 of 27 seasons in a Top 20 market and owning two of the longest sellout streaks in NBA history. When it comes to keeping the team in our community, Sacramento is playing to win. In particular, we have been focused like a laser on identifying an ownership group that will both have the financial resources desired by the NBA and the vision to make the Kings the NBA equivalent of what the Green Bay Packers have been in the NFL."