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NBA office makes it official: Deal to sell Kings to Seattle group reached. Gavin Maloof makes statement.

Jan 21, 2013, 10:38 AM EDT

George Maloof, Gavin Maloof, Joe Maloof AP

We told you last night the deal was agreed to confirming a week of rumors that an agreement to sell the Sacramento Kings to a Seattle-based investment group led by Chris Hansen had been reached.

The NBA confirmed that Monday morning releasing a statement:

“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.”

Gavin Maloof, one of the Maloof family members that owns the team released a statement:

“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 thank Chris Hansen for his professionalism during our negotiation. Chris will be a great steward for the franchise.”

As Tom Ziller pointed out on twitter, nice job not mentioning Sacramento once, Maloofs.

Neither side is confirming the details of the deal, but we know that the franchise is valued at $525 million and the Hansen group is buying 65 percent ownership.

We’ve already detailed the future steps in this process.

  1. txnative61 - Jan 22, 2013 at 1:18 AM

    There is a complex interplay of private and government entities involved in building facilities to keep or attract franchises in professional sports. Seahawks owner Paul Allen, being the wealthiest owner in the NFL, put up a significant amount to get Century Link built, but that gave considerable incentive to put a product on the field that makes the investment pay. Whether the price of the Kings and the new Arena are too much remains to be seen in the team’s performance and the building of a profitable fan base.

  2. jprcox - Jan 22, 2013 at 10:19 AM

    I agree with those who say the NBA has made a mess of this. SAC wants a team, and has shown over the years they can support a team – unlike Cities such as Vancouver etc who simply could not support the team they got from the NBA.

    Seattle should not have lost the Sonics to begin with, as they too showed themselves a great NBA City, which is why Stern wants so badly to return a team here. To take from one City that deserves a team to give to another that deserves a team is continuing the mess forward. Unless SAC is never going to get a team again, why would the NBA make a City despise them so much – like we do here in Seattle.

  3. indianbob - Jan 22, 2013 at 11:14 AM

    I’m sorry I had a hand in building and inspecting George’s and Gavin’s houses here in Sacramento (built Pollard’s and Bibby’s too) I wish I had done a poorer job!

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