Report: Maloof's Finalizing Deal to Sell Kings to Seattle Business Group

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If you are still crying over the loss of the Seattle Supersonics, you’d better dry those tears. The Maloof family is in the final stages of selling the Sacramento Kings to a Seattle based business group headed by local investor Chris Hansen. Yahoo! Sports NBA guru Adrian Wojnarowski was the first to break the story.

The Maloofs are finalizing an agreement to sell the Sacramento Kings to the Hansen-Ballmer led Seattle group, sources tell Yahoo! Sports.

— Adrian Wojnarowski (@WojYahooNBA) January 9, 2013

 

The deal will sell the Kings for approximately $500 million, with the Seattle group seeking relocation to Key Arena for the 2013-’14 season.

— Adrian Wojnarowski (@WojYahooNBA) January 9, 2013

Now, the deal isn’t official yet, and some are advising that no one should pop any champagne bottles just yet. But from the sounds of it, the deal is past the point of no return, and the Maloofs want to get rid of the Kings bad enough that they wouldn’t ever refuse a $500 million offer for them.

Should the deal be finalized and approved by the NBA, the plan would be to move the Kings to Seattle for the 2013-’14 season where they’d likely become the Seattle Supersonics and play the duration of the season in Key Arena.

The plan after that is to build a brand new arena for the Sonics, who would then move from Key Arena to the new stadium either the following season or the season after that.

Either way, it’s looking like the storm clouds are separating in Seattle and the NBA is once again going to shine it’s light on a city that has been longing to get their team back for some time now.

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Tags: NBA News Sacramento Kings Seattle Supersonics

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