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.