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Source: Kings moving to Seattle: 65% sold for $525 million

 


via ESPN.com:

138403-650-366

The Maloof family has officially reached a deal to sell the Sacramento Kings to a Seattle-based investment group, according to ESPN. The Seattle group, headed by Valiant Capital’s Chris Hansen and Microsoft CEO Steve Ballmer, will purchase 65 percent of the Kings, a controlling interest, from the Maloofs for $525 million and that NBA teams were “formally notified” of the purchase agreement’s terms on Sunday.65% of the Kings share was sold to the Seattle group for $525 million. The Seattle group will apply for relocation to Seattle in time for the 2013-14 season.

The Maloof family that owns the Sacramento Kings has reached a purchase agreement to sell a 65 percent controlling interest in the franchise to a Seattle group led by Chris Hansen for $525 million, according to league sources. Sources told ESPN.com that NBA teams were formally notified Sunday night of the deal, which still requires league approval. The executed purchase agreement to transfer the 65 percent majority stake in the Kings to Hansen’s group represents the shares owned by the Maloofs and one minority owner. 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. 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 NBA, furthermore, is expecting Hansen to apply for relocation to Seattle in time for the 2013-14 season by the league’s March 1 deadline.

 



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