SACRAMENTO (CBS13) – ESPN and the Sacramento Bee reported Sunday evening that the Maloof family has reached a purchase agreement to sell 65 percent of the franchise to the Seattle group led by Chris Hansen for $525 million.
Sources told ESPN.com that NBA teams were formally notified of the deal, but its not a done deal. This still requires the league’s approval.
Earlier this week, Sacramento Mayor Kevin Johnson said he has received approval from NBA commissioner David Stern to present a counter-offer to the league from buyers who would keep the team in Sacramento.
Johnson said the city is ready to put together a proposal for the NBA’s Board of Governors to consider over a potential sale and relocation to Seattle.
The league’s deadline for teams to apply for a move for the next season is March 1; although, the deadline has been extended the last two years for the Kings.
“Sacramento has proven that it is a strong NBA market with a fan base that year in and year out has demonstrated a commitment to the Kings by selling out 19 of 27 seasons in a Top 20 market and owning two of the longest sellout streaks in NBA history. When it comes to keeping the team in our community, Sacramento is playing to win. In particular, we have been focused like a laser on identifying an ownership group that will both have the financial resources desired by the NBA and the vision to make the Kings the NBA equivalent of what the Green Bay Packers have been in the NFL,” Johnson said in a released statement.
CBS13 also reached out to the Kings, who’s spokesperson said, “We haven’t commented on any rumors or speculation over the past six months, and we’re not starting tonight.”
However, this is not a done deal; the league will have to approve any sale and relocation.