Sunday night the NBA released a statement confirming the Sacramento Kings will be headed to Seattle next season.
“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.”
The Maloofs will hold on to a small interest of the team. The Maloofs purchased the Kings 15 in 1998 for $156 million, the team reportedly sold for $525 million. In 2011 Forbes had the franchise value listed at $293 million. The Maloofs are only selling 53% of their ownership while another minority owner is selling their percentage to give the Seattle group a 65% controlling interest. The Maloofs stand to make quite a bit of money on the sale. One person that made that took note of this fact was LeBron James. James voiced his feelings on Twitter bringing up the owners’ position during the lockout in 2011.
So the Kings getting sold for 525M!! And the owners ain’t making no money huh? What the hell we have a lookout for. Get the hell out of here
— LeBron James (@KingJames) January 21, 2013
And from what I hear the 525M isn’t even the whole % of the team! Smh. One thing is I can’t hate on their hustle though. Crazy
— LeBron James (@KingJames) January 21, 2013
True
I do know Mayor Johnson and the city/fans of Sacramento will do whatever it takes to keep the team put. We’ll see what happens #NBAFiles
— LeBron James (@KingJames) January 21, 2013
I think it’s too late for that. That was what the first extension was supposed to be. Seattle says, “It happens!”
Chris Hansen released a statement on behalf of the Seattle investors:
We are happy to announce that we have entered into a binding agreement with the Maloofs to purchase a controlling interest in the Sacramento Kings NBA franchise. The sale is obviously subject to approval by the NBA Board of Governors, and we look forward to working with the League in the coming months to consummate the transaction.
While we are not at liberty to discuss the terms of the transaction or our plans for the franchise given the confidential nature of the agreement and NBA regulations regarding public comments during a pending transaction, we would just like to extend our sincerest compliments and gratitude toward the Maloof family. Our negotiations with the family were handled with the utmost honor and professionalism and we hope to continue their legacy and be great stewards of this NBA franchise in the coming years and decades.
