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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 a total price of $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.
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Articles by Korea Herald
