Maloof family reach agreement to sell Sacramento Kings to Seattle group

According to Marc Stein of espn.com, who cites league sources, the Maloof family has reached an agreement to sell a 65 percent controlling interest in the Kings to a Seattle group led by Chris Hansen for $525 million.

Teams were formally notified of the deal on Sunday night.

The sale still requires league approval.

The sale will reprieve the Maloof’s and one minority owner of the 65 percent majority stake in the franchise.

Stein reports that no deal has been submitted regarding the remaining 35 percent of the organization, which is held by minority shareholders.

The Maloof’s will receive a non-refundable $30 million deposit from the Seattle group by February 1st. The NBA is anticipating Hansen to apply for relocation to Seattle by the league’s March 1st deadline, meaning that the move would be completed in time for the 2013-2014 season.

Last week, Sacramento Mayor Kevin Johnson made it known that he has received approval from commissioner David Stern to present a counteroffer to the league from buyers who would keep the team in Sacramento.

Johnson is in what he termed a “six-week sprint” to put together a proposal for the NBA’s Board of Governors to reconsider the potential sale and relocation to Seattle.

Stay tuned to KJG as we continue to track this story.

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