The NBA released a statement Monday morning confirming the pending sale of the Sacramento Kings from the Maloof family to a Seattle-based ownership group led by Chris Hansen. Here's the official statement:
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.
The Maloofs struck a deal late Sunday night that would transfer a 65 percent controlling share of the Kings to Hansen's Seattle group. If the deal goes through, the franchise is expected to relocate by the 2013-14 season. Yahoo! Sports' Adrian Wojnarowski reported on Sunday that approval from the NBA's relocation committee is a "formality."
The NBA's Board of Governors has the final say in the matter, so there's still a chance the deal could be blocked even if the relocation committee approves it. Sacramento Mayor Kevin Johnson has been working to put together a Sacramento-based ownership group to present a viable offer to the board that could potentially save the Kings and keep them in the city.