Maloofs sell Kings to Seattle-based investor group

Maloofs sell Kings to Seattle-based investor group
January 21, 2013, 8:15 am
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Seattle's chances of getting an NBA franchise improved dramatically today, as the NBA released a statement detailing the purchase of the Sacramento Kings to an investor group. The group, led by Chris Hanson and Microsoft CEO Steve Ballmer, have expressed an intention of moving the franchise north. Both the NBA, the Hanson party and Maloof families issued statements today addressing the sale of the team:

NBA Statement

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.

Hanson Group Statement

We are happy to announce that we have entered into a binding agreement with the Maloofs to purchase a controlling interest in the Sacramento Kings NBA franchise. The sale is obviously subject to approval by the NBA Board of Governors, and we look forward to working with the League in the coming months to consummate the transaction.

While we are not at liberty to discuss the terms of the transaction or our plans for the franchise given the confidential nature of the agreement and NBA regulations regarding public comments during a pending transaction, we would just like to extend our sincerest compliments and gratitude toward the Maloof family. Our negotiations with the family were handled with the utmost honor and professionalism and we hope to continue their legacy and be great stewards of this NBA franchise in the coming years and decades.

— Chris Hansen

Maloof Family Statement

"We have always appreciated and treasured our ownership of the Kings and have had a great admiration for the fans and our team members. We would also like thank Chris Hansen for his professionalism during our negotiation. Chris will be a great steward for the franchise."

--Gavin Maloof, Kings co-owner speaking on behalf of the Maloof family.

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