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Kings Reach Agreement With Seattle-Led Group of Investors

Kevin January 21, 2013 Rumors No Comments

Despite the gallant effort by Mayor of Sacramento Kevin Johnson, it appears as if the Kings will in face be relocating to Seattle. A deal has been struck where the franchise has been sold to a group of investors who have deep-rooted interest in Seattle.

As of right now, the deal isn’t official yet and there is no exact timetable as to when the team will move.

The Seattle group led by hedge fund manager Chris Hansen, Microsoft CEO Steve Ballmer and the Nordstrom family has finalized a deal to buy a controlling interest in the Sacramento Kings, two people with knowledge of the situation confirmed to USA TODAY Sports.

The people requested anonymity because the deal had not yet been announced. The Maloofs, who have owned majority interest in the team since 1999, will sell the 65% they control for a price based on a $525 million valuation of the franchise (approximately $341 million). The remaining 35% belongs to minority owners and would likely be transferred in the transaction so long as it’s approved by the NBA’s Board of Governors.The finalizing of the deal was first reported by NBCSports.com and ESPN.com.

H/T: USA Today

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