Monday, January 21, 2013

DEVELOPING: Sac Kings Reportedly Sold To Seattle Group. Supersonics Reborn?

For the good folks of Seattle, Washington it looks like your long NBA drought might be over.
Numerous outlets are reporting that the Sacramento Kings have been sold to a group that intends to move the team to Seattle appears to be done.

According to reports 65 percent of the Kings will be sold to a group led by Chris Hansen and Microsoft CEO Steve Ballmer. If approved by the NBA Board of Governors the team would begin playing in Seattle’s KeyArena next season.  That approval might come in mid-April.

The price tag for 65 percent of the Kings comes to roughly $340 million.
Sacramento mayor Kevin Johnson though is not giving up the fight to keep the Kings.  Johnson released a statement Sunday night.

“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.”
According to the Sacramento Bee the city is willing to put up money to build and downtown arena but the current owners, the Maloof brothers passed on that.

That arena deal would be in play for any potential buyer who wants to keep the team in Sacramento.
This might be a tough sell to keep the Kings in Sacramento.  A source has told The Sacramento Bee the team is $200 million in debt and on track to lose $7 million this year.

Quoting an anonymous source Yahoo Sports reported Sunday night that the NBA's influential relocation committee would recommend that the larger board of governors approve the Seattle deal.   

So it appears Seattle is going to get the Supersonics back. 


Here's the early morning buzz out of Seattle... ((HT: KING-TV)) The NBA has issued the following statement on the matter, for now: "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."

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