The Maloofs released a statement on Monday morning confirming that the family had reached an agreement to sell a controlling stake in the Sacramento Kings to a Seattle ownership group led by Chris Hansen. Gavin Maloof spoke on behalf of the family:
"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."
A deal was struck Sunday night that would transfer a 65 percent stake of the Kings' franchise to Hansen's Seattle-based group. ESPN.com reported that the Maloofs will still own a "small piece" of the franchise if the deal goes through, but they will hold no decision-making power once the transfer is complete.
The deal must still be approved by the NBA's relocation committee as well as the Board of Governors before becoming official. Yahoo! Sports' Adrian Wojnarowski reported Sunday that approval from the relocation committee is a "formality" at this point. The Board of Governors could still choose to block the deal if they vote in favor of Sacramento mayor Kevin Johnson, who has been working diligently to put together an offer from a Sacramento-based ownership group to save the Kings.