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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 EST

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. MyTeamsAllStink - Jan 21, 2013 at 10:43 AM

    So now will Joe,George,Gavin and Deanna(I think that’s her name) each get a turn to take a dump in front of Arco Arena upon a Kings jersey?IThey got their wish,they are not only getting paid but still keep a part of the franchise AND get to leave Sacramento the city they despise for whatever reason I don’t know.

  2. trippymane - Jan 21, 2013 at 10:57 AM

    Thank you jesus! My seahawks are out but my sonics are in! :) couldnt be happier. Hopefully we dont keep the kings history and all that like the thunder supposedly won a championship in 79′ smh cant wait till we play okc! Best beleive KD will come back once his contract expires!

  3. aboogy123456 - Jan 21, 2013 at 11:01 AM

    Maloofs are a disgrace. If you’re gonna buy a team then you should at least have some passion for the game or the fans of your team. These guys have been treating the fans like crap for years and have not cared enough about winning games. For example, drafting jimmer fredette to a team full of shooters just so they could sell more tickets. The NBA is a business, but if all you care about is the bottom line, then there are a lot of better investments out there than the NBA.

  4. metalhead65 - Jan 21, 2013 at 11:30 AM

    if you are a kings fan you should not go to another game and put a penny in the maloofs pocket.

  5. omniusprime - Jan 21, 2013 at 11:44 AM

    Great to see the Kings get out from being owned by the Maloof Goofs, the worst thing to ever happen to the franchise. Sad news for Sacramento losing it’s only pro sports team but that’s what they get for not being smart about putting a first class arena in Sacto that isn’t in the middle of nowhere.

    Maybe Seattle and it’s fans will be smarter than they were with the Supersonics. Will the Kings get renamed to the Supersonics?

  6. patfic15 - Jan 21, 2013 at 12:15 PM

    Hard to fathom after the first few CWebb years. That team was a blast to watch. Can’t believe its turning out like this for Kings fans. Maybe if they fielded a better squad…instead of going cheap.

  7. wwttww - Jan 21, 2013 at 12:20 PM

    I really hate to hear this Kings fans. Sorry you lost your franchise. Yet happy Seattle got theirs back.
    – Atlanta Hawks Fan

  8. mogogo1 - Jan 21, 2013 at 12:24 PM

    Let me finish out the Maloof comment, since a key part seems to have been left out: “Chris will be a great steward for the franchise…which is something our family knows absolutely nothing about.”

  9. eoyguy - Jan 21, 2013 at 12:39 PM

    Why not the Seattle Kings? Seattle is in King county, and it would streamline everything as far as naming rights and records go. I never thought Supersonics or ‘Sonics was that great of a name.

  10. fomega64 - Jan 21, 2013 at 12:45 PM

    We now hear that Lefty Phil M is going to leave California because of the outrageous taxes. Is the move of the Kings another sign that lots of big business and sports teams may leave the state bankrupted by an incompetent legislature? California has become the fiscal laughing stock of the world. Pelosi is the joke!

    • gls24 - Jan 21, 2013 at 2:47 PM

      Pelosi and CA politics? Aren’t you mixing apples and oranges? Why is it always politics? This has nothing to do with taxes, California or the politicians. It has everything to do with incompetence, greed and payback to KJ and the Sacramento heirarchy, not to mention a gross overpayment for a moribund, vagabond franchise.

  11. adcruise - Jan 21, 2013 at 1:10 PM

    Bad enough we have the Mariners, now we get the Kings?

  12. dannymac17 - Jan 21, 2013 at 1:33 PM

    these guys are scum.

  13. tcclark - Jan 21, 2013 at 1:47 PM

    So Oscar Robertson’s number will hang in the rafters of Seattle while Jack Sikma’s and Spencer Haywood’s hang in Oklahoma City? Can they just trade histories? The No. 2 hanging in the rafters in Seattle should be Gary Payton’s, not Mitch Richmond’s (no offense toward Mitch)

    • tomtravis76 - Jan 21, 2013 at 2:27 PM

      Now that Seattle will have the Sonics back, the ownership group of OKC should make a goodwill PR move and return the records and history back to Seattle and their fans. OKC fans don’t want Seattles sports history. Its like the NFL and Indy Colts tying the Baltimore Colts history to Indy. The cities should keep their sports records.

      • mogogo1 - Jan 21, 2013 at 2:35 PM

        That’s a fantastic idea…which all but assures that Stern will find a reason it can’t happen. But nobody in OKC has any feelings towards the Sonics and they’ve got their own great history being written everyday so it’s not like they need Seattle’s. Though it would stink for a guy like Mitch Richmond who’d basically be left out in the cold, unless Seattle adopted the Kings’ history in addition to reclaiming their own.

      • tcclark - Jan 21, 2013 at 3:42 PM

        Well then what happens to the Kings/Royals history and records? The Sonics couldn’t realistically honor the history of two separate basketball franchises

      • jshawaii22 - Jan 21, 2013 at 5:34 PM

        to hell with the ‘history’… give us back Nick Colison and Kevin Durant and everyone in Seattle will forget that you stole the Sonics in the first place.

        js

      • tomtravis76 - Jan 21, 2013 at 5:37 PM

        The NBA should maintain ownership of the Kings records and if Sacramento ever gets a team back then the new franchise restores the citys history.

  14. thevza - Jan 21, 2013 at 1:51 PM

    Hopefully the Maloofs spend some of that money on hiring more bodyguards. They’re probably going to need them walking around in Sacramento.

    • gls24 - Jan 21, 2013 at 3:00 PM

      Do you really think they are going to be within 500 miles of Sacramento again? Oh wait, I may be a bit short on the 500 miles. Just how far is hell from Sacramento?

      • tcclark - Jan 21, 2013 at 4:06 PM

        it depends on what you mean by “500 miles.” If you are speaking in driving distance than no, i don’t expect them to be within 500 miles, but if you mean point to point than yes. They live in Las Vegas, which, point to point, is within 500 miles of Sacramento…

  15. 13datsyuk13 - Jan 21, 2013 at 1:57 PM

    Payton wore #20

    • tcclark - Jan 21, 2013 at 3:45 PM

      not his rookie year. He wore #2. It’s like Kobe wearing 8 and then changing to 24. I could easily see the Lakers retiring both numbers. Gary Payton is Sonics royalty. Any number associated with him is his in their history.

  16. snoqualmieterry - Jan 21, 2013 at 2:14 PM

    Hansen has to purchase a NHL team now. Probably the team in Phoenix. The proposed arena deal requires both an NBA and NHL team. That group is and will be spending a load of money.

    • tcclark - Jan 21, 2013 at 4:01 PM

      The problem is that the NHL does not want them to move. There have been multiple investors trying to move the team, but because the NHL owns the Coyotes they have resisted. Jobing.com Arena is only 10 years old, it’s in a great area in Glendale, Arizona, and the NHL still believes they can succeed with teams in Southern markets.

      If this group wants to buy an NHL team, they are going to have to look in another direction like the Winnipeg investment group did. Columbus would be a much easier sale. They lost about 18.7 million last season and have very little NHL history or ties to the city. It would also only cost them about 150 million which comparatively is much less expensive than the team they just bought. It would also help develop the western market that the NHL desperately wants since the NHL is basically run by the north eastern parts of the US and Canada.

    • praetorian12 - Jan 21, 2013 at 4:21 PM

      No it doesn’t. Hansen and his group are not purchasing a NHL team. The deal is structured so that 90% of the financing is committed when the NBA comes, the remaining 10% if/when NHL comes. Hansen has already said he does not want to own a NHL team…. just provide a home for a NHL team in a top 20 market….

  17. massconn72 - Jan 21, 2013 at 2:42 PM

    A friend of mine once told me years ago when Seattle last had a team that when team members were in the hospital, they were too tall to fit in the beds in the orthopedic wing of her hospital. She said it was pretty funny to see these long legs and huge feet hanging out the end of the beds. I guess she will see it again.

  18. bigsuede - Jan 21, 2013 at 3:07 PM

    As someone who lives in the Sacramento area- I am SOOOOO HAPPY about this. The kings make it so Warriors games get blacked out- and it is lame. There is a huge portion of warrior fans all over northern cali and it makes no sense that one team should have been blacked out to favor another team.

    The clippers and lakers are both on tv in LA- it works out for both teams. The Kings and Warriors should have been aired in all markets as well. Anyway- I am not gonna cry over this a bit. If another team relocates to northern cali- they should end up is SJ over sac anyway- it just makes more sense.

    • mrgrant23 - Jan 21, 2013 at 3:51 PM

      Listen cry baby! You can watch ALL the Warriors games on CSN Comcast Bay Area!!! That is where i watch all the Kings games because they do not play them anywhere else!!! For example, i have Direct TV and ALL the Warriors games are on channel 696 and all the Kings games are on 699!!! Forget you!!! I will miss my Kings!!! I hate the Maloofs!!!!!

  19. scalfor3 - Jan 21, 2013 at 4:06 PM

    Kings fans don’t deserve this: Arco Arena was rocking during that CWebb, Vlade, Peja run they have.

    However, I am looking forward to the return of the Sonics

  20. mazblast - Jan 21, 2013 at 5:08 PM

    Seattle fans were enraged when their team moved away, yet they don’t seem so disturbed at another city losing their team–if it comes to Seattle.

    Sacramento fans are enraged that their team may move away, but I don’t recall them shedding tears of sympathy when the team was moved from Kansas City TO Sacramento.

    Personally, I know how the fans of both cities feel when it comes to teams leaving. I lived less than 3 miles from where the Cincinnati Royals played, and it hurt when they left town. In their case, as with the Kings 40 years later, it was a case of absolutely incompetent management. The city would have supported a winner, but ownership was too concerned with counting pennies to invest dollars.

  21. badintent - Jan 21, 2013 at 7:28 PM

    Vlade wants an explanation

    • dtoms - Jan 22, 2013 at 12:08 AM

      Really, nobody else thinks this is funny?

      • badintent - Jan 22, 2013 at 1:35 AM

        Dree Brees wants an explanation too. Deal with it Mr. Letterman.

  22. washstnative - Jan 21, 2013 at 7:34 PM

    All Right the team will stink for a bit- but SQUACH is back!

  23. seattlesuperchronic - Jan 21, 2013 at 8:31 PM

    tomtravis76

    Definitely, Sacramento deserves to keep their history.

  24. ron05342 - Jan 21, 2013 at 9:32 PM

    The Kings are not valued at $525 million, they were valued at $293 million by Forbes 2 years ago and the value has only gone down since then.

    This is definitely overpaying at its worse.

    http://www.forbes.com/lists/2010/32/basketball-valuations-11_Sacramento-Kings_327146.html

  25. swu32733 - Jan 22, 2013 at 12:58 AM

    I think the NBA management is a mess. I am happy that Seattle got a team but look at the cost to the fans in Sacramento. It is not right. Both cities should have teams.

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