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John Boyle | jboyle@heraldnet.com
Published: Monday, January 21, 2013, 8:27 a.m.

Sale of Kings to Seattle group announced

The NBA's return to Seattle now appears imminent. Chris Hansen, who is heading up the investment group trying to bring the NBA back to Seattle, the Maloof family, owners of the Sacramento Kings, and the NBA have all announced that a sales agreement has been reached to sell the Kings to Hansen's group.

The sale still has to be approved by the league's Board of Governors, but if that approval happens, all signs point to the NBA returning to Seattle for the 2013-2014 season. If that were to happen, the Sonics would call KeyArena home for two seasons while Hansen's new SoDo arena is built just south of Safeco Field.

"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," Hansen said in a statement. "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."

Here is the statement from the NBA: "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."

And a statement from the Maloofs: "We have always appreciated and treasured our ownership of the Kings and have had a great admiration for the fans and our team members. We would also like to thank Chris Hansen for his professionalism during our negotiation. Chris will be a great steward for the franchise."

Story tags » Sonics

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