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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.

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