The Maloof family, who own a controlling interest in the Sacramento Kings, have reached an agreement to sell said interest to a group of investors based in Seattle that want to move the team back to the state.
NBA teams were notified by the league on Sunday night that the Kings were valued at $525 million and that the Maloofs and the Seattle group, led by hedge fund manager Chris Hansen have signed a purchase and sale agreement. The Seattle group is planning on filing for relocation by the league’s deadline on March 1st.
The NBA released a statement on Monday that said, “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.”
“We have always appreciated and treasured our ownership of the Kings and have had a great admiration for the fans and our team members,” Kings co-owner Gavin Maloof said in a statement. “We would also like to thank Chris Hansen for his professionalism during our negotiation. Chris will be a great steward for the franchise.”
“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,” Hansen said in a statement. “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.”
But Sacramento Mayor Kevin Johnson does not plan on letting the team go without a fight. In a statement released on Sunday night Mayor Johnson said, “Sacramento has proven that it is a strong NBA market with a fan base that year in and year out has demonstrated a commitment to the Kings by selling out 19 of 27 seasons in a top-20 market and owning two of the longest sellout streaks in NBA history.”
The Kings selling price of $525 million is an overall valuation of the team and also included the $100 million relocation fee.