Sacramento Kings Sold and Heading to Seattle?

Posted: Tuesday, January 22, 2013 | News Release

The Maloof family announced that an executed purchase and sale agreement has been reached to sell the family's interest in the National Basketball Association (NBA) Sacramento Kings to a group led by investor Chris Hansen. The transaction requires approval by the NBA's Board of Governors and therefore no comments or details regarding the agreement will be released.

"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," said Gavin Maloof, Kings co-owner speaking on behalf of the Maloof family.

NBA STATEMENT ON KINGS
"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."

Around the Web

ESPN Video and Story
http://espn.go.com/nba/story/_/id/8864092/kings-owners-reach-agreement-seattle-group-sources-say

Seattle Times Article
http://seattletimes.com/html/localnews/2020185484_kings22xml.html

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