Maloofs Agree to Sell NBA's Kings to Seattle Group
The Maloof family has agreed to sell the Kings to a Seattle group led by investor Chris Hansen, the league confirmed in a statement Monday morning. The deal is still pending a vote by the NBA Board of Governors.
A person familiar with the decision said that Hansen's group will buy 65 percent of the franchise, which is valued at $525 million, and move the team to Seattle and restore the SuperSonics name. The deal will cost the Hansen group a little more than $340 million. The Maloofs will have no stake in the team.
An image provided by 360 Architecture Inc. shows the preliminary preferred design for a new arena being planned in Seattle to house an NBA basketball team, which could be the Sacramento Kings.
When new owner Clay Bennett decided to move the Seattle SuperSonics to Oklahoma City after purchasing the team more than four years ago, he left behind the name and the logo for the city to use in case it was ever able to acquire another franchise. Given how well the community supported the organization, it was widely assumed that goodwill gesture would come in handy, but I’m not sure anyone realized how quickly it would come in handy.