Kings confirm takeover to Seattle investors
The NBA head office has released a statement confirming the sale of the Sacramento Kings to a Seattle-based investment group.
NBC Sports first reported the confirmation of this move; and earlier today, the NBA released a statement regarding the issue.
“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 exact details of the move have not been made public, but the franchise is reportedly worth $525 million, with the Hansen Group getting 62% ownership.
The Maloofs statement on the matter did not mention Sacramento once. And on the flipside, the Hansen release didn’t mention Seattle. No doubt though that this news will upset a lot of die-hard Kings fans.
The new Seattle franchise when fully completed and competing will play out of the Key Arena.