Report: Maloofs agree to sell Kings to Hansen
The Maloof family has agreed to sell the Sacramento Kings to a Seattle group led by investor Chris Hansen, two people familiar with the decision said Sunday night.
The people spoke on condition of anonymity to The Associated Press because the deal is still pending approval from the NBA Board of Governors.
One person said the Maloofs are selling all 65 percent of their share for $525 million to Hansen, who will move the team to Seattle and restore the SuperSonics name.
The sale figure is a total valuation of the franchise, which includes relocations fees. Hansen's group also is hoping to buy out other minority investors.
The Maloofs will receive a $30 million non-refundable deposit on 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 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.
The Maloofs backed out of a tentative $391 million deal for a new downtown arena 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.
The people spoke on condition of anonymity to The Associated Press because the deal is still pending approval from the NBA Board of Governors.
One person said the Maloofs are selling all 65 percent of their share for $525 million to Hansen, who will move the team to Seattle and restore the SuperSonics name.
The sale figure is a total valuation of the franchise, which includes relocations fees. Hansen's group also is hoping to buy out other minority investors.
The Maloofs will receive a $30 million non-refundable deposit on 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 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.
The Maloofs backed out of a tentative $391 million deal for a new downtown arena 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.
Congratulations city of Seattle. Super-sonic s !!Â
dont get your hopes up, The Head of the NBA Relocation , Clay bennett , has to sign off on any move. David Stern wont let him go to the bathroom without passing his office while chanting "who is the greatist commisioner ever". And do you think that stern will let the city that had its team stolen by Clay bennett, steal a team from the commisoners pal and buddy kevin johnson ?  thats what seattle is doing you know ,  stooping to clay bennetts level and stealing a team.Â
 @sportbuff01 I think Bennett and Stern will look to save face in this move.  They gain a better market, Seattle over Sacramento.  Also the owners gain from a sale, especially one that puts the team value at $525 million and the owners are like a fraternity, they like being part of a group of rich guys.  They have a chance to dump the Maloofs and gain Hanson, Ballmer, and the Nordstrom Family into that fraternity.
I'll believe it when the ink is dry on the contract. Till then it's all just speculation and this city has had enough disappointment for one decade.
How many more story's are we going to have before they actually move?
 @F4I A lot. This is a long process and they wouldn't move until after the season is over.
Keep Howie and his coffee out of the new arena.
 @Brokesince08 I'm all for Tully's be the official coffee of the Sonics.
I used to be a big fan of the Sonics, way back in the day. After some of the labor disputes and play stoppages that went along with it, I began to not care much for the NBA and the Sonics. Then they left... Pro basketball has been almost completely off my radar screen ever since. Now this. I guess maybe I'll stick my toes back in the water now. Bottom line for me, great for the city, great for Chris Hansen- this guy is the real deal.
We should name em the 'Dreamliners'!
 @Jon H Let's hope they perform a little better than that!
WOW, is Chris Hansen single?
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Given the fact that the Sonics bombed, given the fact that they will play in KING County, given the fact that this deal was announced on Dr. Martin Luther KING day, I think they should stay with the KINGS name and that only black players are allowed on the team.
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Just saying.
 @Magicalwoman No, no, and no.
This comment has been deleted
 @GMes206 Are you naive? That was the plan all along.....sink the team with bad players so they can get out of their lease and move the team.......Clay Bennett should have been banned as an owner for throwing the last 2 seasons....
and Ironically enough he is the head of the relocation committee.......
As long as Stern in running this league an cow-towing to his buddies, the league will be a joke!
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Yeah. That's all I say - yeah. Sincerely and gratefully - the Sonics are coming back home.Â
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YEAH!Â
A billion dollars for a team and a stadium. The guy is Santa Claus. I'm sure there will be complaints, always is, but since most of the money is private and the public funds are a loan it seems like a pretty good deal for those who want another NBA team.Â
"Maloofs are selling all 65 percent of their share for $525 million to Hansen"
This contradicts information reported elsewhere, notably by ESPN. They valued the franchise at $525 million but Hansen is only paying 65% of that since he's buying 65% of the franchise.
 @Adam S Also the Maloofs were reported to own 53%, the other 12 percent is owned by Bob Hernreich which equals the 65%.
Again speculation about relocated?
 @Dozen 123 It's ok dude, crow isn't that bad.
Deja vu.
I am happy that Seattle will once again have an NBA team. However, I am not happy about how this process was done: behind closed doors and with no public input. I do feel that instead of going after the Sacramento Kings, we should have gone after the L.A. Clippers. After all, L.A. does not need two basketball teams. Also, we should think about blowing up KeyArena and building a new arena there, instead of hurting port commerce with an arena, when that area is meant for industrial purposes. Thanks a lot (I am being cynical here), Mayor McGinn and the entire Seattle City Council.
@PoweroftheVoice Need has got nothing to do with it. LA is a huge market and can support two teams. The Clippers may be second fiddle to the Lakers but they still get more support from that market than the Kings get from theirs. As for Key Arena, rebuilding it would just compund the previous problem. Chris Hansen is smart for staying away from Seattle Cener.
 @nodozr  @PoweroftheVoice Were second fiddle to the Lakers. It's all Clippers this year.
 @nodozr  @PoweroftheVoice I would not say the Clippers are second fiddle this year......
 @PoweroftheVoice The NBA is a privately own business.  There is no need for the public to be involved with the buying and selling of teams.  That is up to the NBA.
 @stamperzann  @PoweroftheVoice We the taxpayers are loaning these billionaires 200 million dollars to make their dreams a reality. This needed to be a public process.
 @Just_Mike  @stamperzann  @PoweroftheVoice That 200 mil is for the arena itself, NOT the team. The money being used to purchase the team is private money between the investors and has nothing to do with our tax dollars.
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What? Keep the name and name the new arena the KingDome! :)
 @tyger11 LOL! Should've probably happened while the dome was still there! Well they will be in King County! ;)
 @tyger11 I think that the name should remain the Kings. The fact is, the Sonics are now in OKC and while I am happy the about the return of the NBA, I don't want to forget what really happened. I am ready to start a new chapter.
 @a.geballer  @tyger11 No, the Thunder are in OKC. They have nothing to do with the city anymore.Â