The Union Recorder

Local Sports

January 22, 2013

Maloofs agree to sell NBA's Kings to Seattle group

SEATTLE — Nearly five years after their colors, banners and history were packed away into storage and their franchise relocated, the SuperSonics are one significant step closer to returning to Seattle.

And the Kings are on the edge of leaving Sacramento.

All that appears to stand in the way now is approval by NBA owners.

The Maloof family has agreed to sell the Kings to a Seattle group led by investor Chris Hansen, the league confirmed in a statement Monday morning. The deal is still pending a vote by the NBA Board of Governors.

A person familiar with the decision said that Hansen's group will buy 65 percent of the franchise, which is valued at $525 million, and move the team to Seattle and restore the SuperSonics name. The deal will cost the Hansen group a little more than $340 million. The Maloofs will have no stake in the team.

The person spoke to The Associated Press on condition of anonymity because the deal was waiting approval.

The sale figure works off a total valuation of the franchise, which includes relocation fees. Hansen's group also is hoping to buy out other minority investors.

The Maloofs will get a $30 million non-refundable down payment by Feb. 1, according to the deal, the person said. They will still be allowed to receive other offers until the league approves the sale. The Kings sale price of $525 million would surpass the NBA record $450 million the Golden State Warriors sold for in 2010.

The plan by Hansen's group is to have the team play at least the next two seasons in KeyArena before moving into a new facility in downtown Seattle. The deadline for teams to apply for a move for next season is March 1. The office of Seattle Mayor Mike McGinn confirmed Monday it is already working with Hansen on an agreement for using KeyArena, including scheduling and short-term upgrades to the arena.

Text Only
Local Sports
  • State amputee golf tournament this week

    The Milledgeville Country Club will host the Georgia State Amputee Golf Tournament beginning Friday with a shotgun start at 12:30 p.m. for the four-person scramble prior to the individual stroke play portion the following two days.

    July 10, 2014

  • Kalie Todd.jpg Elite Gymnastics posts strong showing at nationals

    Competing on the national stage at the ESPN Wide World of Sports Complex in Kissimmee, Fla. June 11-15, Elite Gymnastics posted some of its best results in program history at the Amateur Athletic Union (AAU) Gymnastics National Championship.

    July 9, 2014 5 Photos

  • 06-26 Jayla Waller.jpg Former Bravette to play for Georgia College

    One of the most decorated players in Baldwin High School girls’ basketball history, Jayla Waller advanced to the collegiate level competing for Lafayette College in Easton, Pa. this past season as a freshman.

    June 27, 2014 1 Photo

  • 06-21 Ramsey.JPG Amateur golf talent turns pro

    Professional golf is unforgiving and expensive.

    June 21, 2014 1 Photo

  • 06-14 GMC summer basketball.jpg Bulldog basketball busy this summer

    Georgia Military Prep School boys’ basketball coach James Lunsford is notorious for working his players year-round to become better athletes and better students.

    June 16, 2014 1 Photo

  • IMG_2312.JPG Ross a future star

    The numbers speak loudly for David Ross Jr.

    June 11, 2014 5 Photos

  • 06-06 Blackbelt.jpg Mother-daughter combo make history at local karate studio

    History was made on Thursday, May 22 at Drouillard’s Karate Studio, as the school’s first mother-daughter combination in Mary Beth and Lindsey Atkinson tested and achieved the pinnacle black belt status on the same night.

    June 6, 2014 1 Photo

  • DSC_1061.JPG Youth explore tennis during GC camp

    Georgia College's tennis courts appeared to be a busy place on Wednesday afternoon.

    June 5, 2014 3 Photos

  • coach k camp.JPG Coach K's Soccer Camp kicks off with sweat

    Kids attending Coach K's Soccer Camp get their cleats dirty day one.

    June 3, 2014 3 Photos

  • 05-31 Cody Miller 3.JPG Miller’s versatility boosted Trojans this season

    Representing the John Milledge Academy baseball team well this spring, junior Cody Miller proved versatility is a key ingredient at the high school level as he led his team offensively and in pitching, earning him 2014 All-County Player of the Year honors.

    June 1, 2014 1 Photo