In a statement released by The National Basketball Association this morning, they said:
“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 and Microsoft billionaire Steve Ballmer. 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.”
Sunday night there were reports that the Maloof family had sold the team.
If the deal is approved by the NBA’s board of governors, the team would move to Seattle next season and would be renamed to the Super Sonics, after that franchise left Seattle for Oklahoma City in 2008.A sale price wasn’t release, but the entire franchise is believed to be worth around $525 million.
Sacramento officials are vowing to continue moving forward with plans to bring in a rival investor group and make the case for keeping the team in Sacramento.
“When it comes to keeping the team in our community, Sacramento is playing to win,” the mayor said Sunday night in a prepared statement.
There have been a number of suitors eying the Kings over the past year, but nothing has solidified
Arena operator AEG recently committed $59 million to a downtown project to help build an arena. The deal may prove to be a strong argument to keep the team in Sacramento.
Sleep Train Arena is woefully unsuited for an NBA team and has proved lackluster in drawing larger acts to the arena due to their low capacity compared to larger concert venues in the San Francisco Bay Area.
Let the games begin.