While they have been desperately trying to move the Kings, the Maloofs hoped all along that they would be able to keep a minority stake in the team. However, Adande reports that the family will hold no decision-making power once control of the franchise is transferred over to Chris Hansen's Seattle group. Hansen's group agreed to purchase a 65 percent controlling interest in the Kings on Sunday night, which would be worth about $340 million.
There still is an outside chance the move to Seattle does not occur, as it must be approved by the NBA's Board of Governors. Sacramento Mayor Kevin Johnson will have a chance to counter the Seattle offer with one last offer of his own to save the Kings.