January 21, 2013 |
The Maloof family has agreed to sell the Sacramento Kings to a Seattle group led by investor Chris Hansen, the NBA confirmed in a statement Monday morning. The deal is still pending a vote by the NBA Board of Governors. Hansen's group will buy 65% of the franchise for $525 million and will probably move the team to Seattle and restore the SuperSonics name. The Maloofs will get a $30-million non-refundable down payment by Feb. 1, according to the deal. They will be allowed to receive other offers until the league approves the sale.
March 29, 2012 |
Building a new arena for the Sacramento Kings by the 2015 NBA season opener is fraught with challenges, the greatest of which may be the increasing skepticism of the team's owners that it can be accomplished. Documents reviewed by The Times this week show Kings owners Joe, Gavin and George Maloof dispute that they have a firm agreement to participate in a new entertainment and sports complex in the city. Additionally, in a Wednesday letter delivered to city leaders under the subject “ESC feasibility concerns,” the Maloofs' attorney writes “unresolved issues regarding the … project remain … .” A year removed from the Maloofs wanting to move the Kings south to Anaheim's Honda Center, that notion is back in play, a Maloof spokesman said.
January 9, 2013 |
Investor Chris Hansen, seeking to bring an NBA team to Seattle, is nearing a deal to buy the Sacramento Kings from the Maloof family for about $500 million, multiple websites are reporting. Hansen is trying to build a new arena in Seattle, which lost the SuperSonics to Oklahoma City in 2008. The Maloofs are looking to sell the Kings because they have been unable to come up with a long-term solution for a new arena in Sacramento. As a prerequisite before construction can start on his proposed $490 million venue in Seattle, Hansen must bring an NBA franchise to Seattle.
April 6, 2013 |
Kings in waiting Three hours of presentations by contending ownership groups apparently weren't enough. The battle for the Sacramento Kings may require a playoff. Commissioner David Stern indicated this week that the decision of whether the Kings can be sold to Seattle investors could extend beyond the NBA Board of Governors meeting April 18-19 in New York. It had been widely expected that the board's vote on the proposed sale and relocation of the team would be the final say on the matter, but Stern told reporters there were "complex" issues that needed to be resolved before a final decision could be reached.
January 5, 2012 |
The Sacramento Kings fired Coach Paul Westphal on Thursday, cutting ties after two-plus seasons amid a slow start and an escalating dispute with young center DeMarcus Cousins . Geoff Petrie , the Kings' president of basketball operations, made the announcement ahead of the team's home game against Milwaukee on Thursday night. Assistant Keith Smart , let go by the Golden State Warriors this summer after one season, signed a deal to become the team's head coach — with Westphal's blessing.
January 12, 2013 |
A fluid franchise They were going. Then they were staying. Now the Sacramento Kings really might be going … unless they end up staying. The plight of a franchise seemingly on the road to nowhere gained some traction this week when hedge-fund billionaire Chris Hansen and Microsoft executive Steve Ballmer emerged as candidates to buy the Kings and move them to Seattle. Standing in their way could be Bay Area investor Mark Mastrov, the founder of the 24 Hour Fitness chain who reportedly wants the Kings to walk in place until they can get a new stadium in Sacramento.