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Chris Hansen, Maloofs Announce Sale of Sacramento Kings

The agreement was confirmed by both parties Monday morning. NBA officials must still approve the transaction.

The Maloof family and Chris Hansen's Seattle investment group announced a pending sale Monday morning that would bring the Sacramento Kings to Seattle, ending weeks of speculation about the team's fate. 

How do you feel about the Kings going to Seattle? Tell us in the comments section.

The Seattle Times reported that the team was purchased for around $340 million.

NBA officials must still approve the deal, but both parties released statements Monday confirming the pending sale.

We have always appreciated and treasured our ownership of the Kings and have had a great admiration for the fans and our team members. We would also like to thank Chris Hansen for his professionalism during our negotiation. Chris will be a great steward for the franchise, Kings co-owner Gavin Maloof said in a statement on behalf of the family that was provided to the Associated Press

Here is Hansen's statement, as provided to CBS Sports:

We are happy to announce that we have entered into a binding agreement with the Maloofs to purchase a controlling interest in the Sacramento Kings NBA franchise. The sale is obviously subject to approval by the NBA Board of Governors, and we look forward to working with the League in the coming months to consummate the transaction.While we are not at liberty to discuss the terms of the transaction or our plans for the franchise given the confidential nature of the agreement and NBA regulations regarding public comments during a pending transaction, we would just like to extend our sincerest compliments and gratitude toward the Maloof family. Our negotiations with the family were handled with the utmost honor and professionalism and we hope to continue their legacy and be great stewards of this NBA franchise in the coming years and decades.

Whether the team would be called the Kings or the Sonics or something else is still up in the air, but the city of Seattle has retained the rights to the "SuperSonics" name and logo, making the return of the Seattle Sonics a definite possiblity.

If the deal is approved by the NBA, the team could play at the KeyArena in Seattle next season, reports The Seattle Times.

Sanford Kozlen January 22, 2013 at 08:11 AM
It looks like the sale of the controlling equity in the Kings is consummated and binding. That means if the Johnson group wants to buy the controlling interest in the Kings, they would have to buy it from the Hansen group. We have to remember that the NBA could treat the sale and the request to move the franchise as two separate transactions. A better strategy would probably be to help Mr. Stern and the NBA out by allowing the sale and movement of the franchise in exchange for an immediate expansion franchise for Sacramento. That would probably cost a lot less and would leave money for contracts for new management and players and some left over to help build a new arena. Seattle would be the owners of the current Kings management and player contracts which I think are over valued. We must remember that the Maloof's increased the payroll by, I think, about $10 million this year, and I am not sure that bought much. I think an expansion franchise with new management and players may help fill the arena, which the current team and management does not.
Roberto January 22, 2013 at 07:36 PM
Sacramento needs to dismiss this as a bad mistake, go down the road and get on with business. Sacramento is going broke but 2 things will quickly help get it back on track. (1.) Get rid of the Kings. (2). Get rid of the mayor. It's that simple.
Bob Fry January 23, 2013 at 02:45 AM
@Roberto: Hurray! Great cities aren't that way because of some professional sports game. Sacramento for years has been distracted with the Maloots and their Drama Queens. Hurry up and leave.

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