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The Sacramento Kings are in the midst of being sold and moved to Seattle. We breakdown the recent events, including what is to come.
The Maloof family that owns the Sacramento Kings have come to agreement to sell the controlling stake (65-percent) of the team for $340 million. Chris Hansen, of a Seattle group, was a lead man in the acquisition, which became official on Sunday evening. The franchise itself was valued at $525 million, but it would take less than four hundred to become majority shareholders.
The $525 million price is a "valuation" on the total franchise. For 65 percent, Seattle group would pay approximately $340 million.— Adrian Wojnarowski (@WojYahooNBA) January 21, 2013
With the sale, the Kings are expected to be moved to Seattle. The team must apply for relocation, which is believed to happen in time for 2013-14 season, per Marc Stein of ESPN.com. Moreover, Sacramento mayor Kevin Johnson, as well as the city itself, are in a scramble to retain their franchise.
NBA commissioner David Stern is allowing for a counter offer to be seen, but Sacramento has a very small window of time and little faith at this point. After a long wait, Seattle should once again have an NBA team.