User ID
Password
  Forgot User ID
or Register Today!
VegasInsider.com
Follow Us on Facebook Follow Us on Twitter Follow Us on Google+ VI Mobile Scores and Betting Odds
Home
NFL
NBA
NHL
MLB
NCAA FB
NCAA BK
Golf
Auto Racing
Horses
Boxing/MMA
More
Betting Tools

 
Maloofs agree to sell NBA's Kings

New Sportsbook.com customers: Make your 1st bet, get your 2nd bet free, 100%, winnings paid in cash.
Join Now

Already have an account? Click here to view new Exclusive Rewards!

   

The only thing stopping the Sacramento Kings from a sale and move to Seattle is approval by NBA owners.

The Maloof family has agreed to sell the Kings to a Seattle group led by investor Chris Hansen, two people familiar with the decision said Sunday night. The people spoke to The Associated Press on condition of anonymity because the deal is still pending approval from the NBA Board of Governors.

Advertisement
One person said Hansen's group will buy 65 percent of the franchise for $525 million, move the team to Seattle and restore the SuperSonics name. The Maloofs will have no stake in the team.

The sale figure is 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 receive a $30 million non-refundable deposit Feb. 1, according to the deal, one person said. They will still be allowed to receive other offers until the league approves the sale.

Sacramento Mayor Kevin Johnson said last week he had received permission from NBA Commissioner David Stern to present a counteroffer to league owners from buyers who would keep the Kings in Sacramento.

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 the next season is March 1.

Johnson said in a statement late Sunday night that the city remains undeterred despite the agreement with the Seattle group.

``Sacramento has proven that it is a strong NBA market with a fan base that year in and year out has demonstrated a commitment to the Kings by selling out 19 of 27 seasons in a top 20 market and owning two of the longest sellout streaks in NBA history,'' Johnson said.

``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.''

In a saga that has dragged on for nearly three years, Johnson and Sacramento appear to be facing their most daunting challenge yet.

Hansen, a Seattle native and San Francisco-based investor, reached agreement with local governments in Seattle last October on plans to build a $490 million arena near the city's other stadiums, CenturyLink Field and Safeco Field.

As part of the agreement, no construction will begin until all environmental reviews are completed and a team has been secured.

Hansen's group is expected to pitch in $290 million in private investment toward the arena, along with helping to pay for transportation improvements in the area around the stadiums.

The plans also call for the arena to be able to handle a future NHL franchise.

The remaining $200 million in public financing would be paid back with rent money and admissions taxes from the arena, and if that money falls short, Hansen would be responsible for making up the rest.

Other investors in the proposed arena include Microsoft Chief Executive Steve Ballmer and two members of the Nordstrom department store family.

Hansen's goal has been to return the SuperSonics to the Puget Sound after they were moved from Seattle to Oklahoma City in 2008.

Asked in September if he could envision a team being in Seattle for the 2013 season, Hansen was cautious about finding an option that quickly.

The Kings' sale price would top the NBA-record $450 million the Golden State Warriors sold for in July 2010.

Brothers Joe, Gavin and George Maloof bought controlling interests in the franchise from Los Angeles-based developer Jim Thomas in 1999. The Maloofs, who have long waited for an upgrade to the team's outdated arena, backed out of a tentative $391 million deal for a new downtown building with Sacramento last year, reigniting fears the franchise could relocate.

Johnson and the Kings broke off all negotiations in the summer with the team's owners, who said the deal didn't make financial sense for the franchise.

In 2011, the Kings appeared determined to move to Anaheim before Johnson convinced the NBA to give the city one last chance to help finance an arena.

At one point, Johnson seemed so certain the team was gone he called the process a ``slow death'' and compared the city's efforts to keep the Kings a ``Hail Mary.''

Johnson made a pitch to the NBA Board of Governors in April 2011, promising league owners the city would find a way to help finance a new arena to replace the team's current outdated suburban facility. That pitch bought the Kings time, before the brokered deal between the city and the Maloofs fell apart last year.

---

AP Sports Writer Bernie Wilson contributed to this story.

---

Antonio Gonzalez can be reached at: www.twitter.com/agonzalezAP

AP NEWS
The Associated Press News Service

Copyright 2014
The Associated Press
All Rights Reserved

  
HEADLINES
Nelson: Surprises and Disappointments
Lawrence: Zig-Zag Theory
News: Playoff Props posted
Grizz grab 7th seed, beat Dallas in OT
Nets rest starters, lose to Cavaliers
76ers top resting Heat, 100-87
Pacers cruise past Magic, 101-86
Hawks top Bucks, 'over' cashes
Bucks' Kohl reaches deal to sell team
MORE HEADLINES
 
Why Buy Picks From VegasInsider.com
NBA Pro Basketball Handicapper Sports Picks Records
NBA Hot Streaks
7-1 L8 G-Plays, +3,907 This Year
12-3 L15 Picks, 33-11 Streak
3-1 L4, 8-2 Last 7 Days
19-9 L28, +1,870 G-Plays TY
18-9 Last 27 Selections
11-4 L15 Totals, +1,629 Picks TY
11-5 L16 Picks, +2,007 This Year
4-0 L4 G-Plays, +1,486 TY
7-3 L10 G-Plays, 10-3 L13 Totals
+1,473 Totals This Year
6-1 Last 7 Selections
5-0 L5 Picks, 9-1 L10 Win Streak
5-1 L6 G-Plays, 6-2 L8 Picks
5-2 L7 Picks, 12-4 L16 G-Plays
+1,446 This Season
4-0 L4 Totals, 9-4 L13 Picks
NBA Pro Basketball Expert Sports Picks
2013 NBA SEASON PICK RECORDS
Money Leaders
Handicapper Money
Chip Chirimbes + 4002
Mike Rose + 2007
Paul Bovi + 1717
Last 7 Day Leaders
Handicapper Money
Paul Bovi + 778
ASA + 476
Chip Chirimbes + 468
Percentage Leaders
Handicapper Pct
Dave Cokin 59 %
Chip Chirimbes 58 %
Paul Bovi 57 %
Guaranteed Leaders
Handicapper Money
Michael Black + 1870
The Prez + 1413
Paul Bovi + 1318
Over-Under Leaders
Handicapper Money
Tony Stoffo + 1573
Stephen Nover + 1447
Kyle Hunter + 1045
Member Leaders
Handicapper Money
Mike Rose + 1604
Bruce Marshall + 1498
Chip Chirimbes + 1108
MORE PICK RECORDS
  
corner graphic
With a VI Gold Membership, you can SAVE 10% off a Live Odds subscription, SAVE 20% off Daily Pick packages, and recieve access to up to 1,000 Member Plays each month!