Originally written on Jocks and Stiletto Jill  |  Last updated 1/21/13
Sunday night the NBA released a statement  confirming the Sacramento Kings will be headed to Seattle next season. “The NBA received an executed Purchase and Sale Agreement for the transfer of a controlling interest in the Sacramento Kings from the Maloof family to an investor group led by Christopher Hansen. The proposed transaction is subject to the approval of the NBA Board of Governors and has been referred to the Board’s committee process for review.” The Maloofs will hold on to a small interest of the team. The Maloofs purchased the Kings 15 in 1998 for $156 million, the team reportedly sold for $525 million. In 2011 Forbes had the franchise value listed at $293 million. The Maloofs are only selling 53% of their ownership while another minority owner is selling their percentage to give the Seattle group a 65% controlling interest. The Maloofs stand to make quite a bit of money on the sale. One person that made that took note of this fact was LeBron James. James voiced his feelings on Twitter bringing up the owners’ position during the lockout in 2011.   So the Kings getting sold for 525M!! And the owners ain’t making no money huh? What the hell we have a lookout for. Get the hell out of here — LeBron James (@KingJames) January 21, 2013   And from what I hear the 525M isn’t even the whole % of the team! Smh. One thing is I can’t hate on their hustle though. Crazy — LeBron James (@KingJames) January 21, 2013   True   I do know Mayor Johnson and the city/fans of Sacramento will do whatever it takes to keep the team put. We’ll see what happens #NBAFiles — LeBron James (@KingJames) January 21, 2013 I think it’s too late for that. That was what the first extension was supposed to be.  Seattle says, “It happens!”   Chris Hansen released a statement on behalf of the Seattle investors: 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.   source  
GET THE YARDBARKER APP:
Ios_download En_app_rgb_wo_45
MORE FROM YARDBARKER

Report: Aroldis Chapman unlikely to be traded

Mets’ trade for Carlos Gomez called off despite reports

Report: Rangers to acquire Cole Hamels from the Phillies

WATCH: Tulo hits first home run with Blue Jays

NFLPA officially files Brady lawsuit, wants QB to play Week 1

LIKE WHAT YOU SEE?
GET THE DAILY NEWSLETTER:

Mariota’s lack of red flags was a concern for NFL teams

Tigers 'rebooting,' make David Price available in trade

Jerry Jones backs Roger Goodell amid Deflategate controversy

Brady, agent contacted AT&T in attempt to retrieve deleted texts

Report: Chancellor 'strongly considering a camp holdout'

Colts become favorites to win AFC with Brady suspended

Farrell: Sandoval's conditioning 'continues to be addressed'

Revis won't wear Super Bowl ring around Jets teammates

Former NBAer Vin Baker now works at Starbucks

Can Preller fix the mess in San Diego?

Mike Leach compares Deflategate to Kardashians

All Panthers home games will also be broadcast in Spanish

Giants owner calls Pierre-Paul debacle ‘very disappointing’

Panthers WR cited for marijuana paraphernalia, had child in car

Bruins-Canadiens Winter Classic details announced

Jay Bruce and Carlos Gonzalez: Twin trade chips

Next summer's top 10 NBA free agents

Canseco will live as a woman to support Caitlyn Jenner

NBA News
Delivered to your inbox
You'll also receive Yardbarker's daily Top 10, featuring the best sports stories from around the web. Customize your newsletter to get articles on your favorite sports and teams. And the best part? It's free!

By clicking "Sign Me Up", you have read and agreed to the Fox Sports Digital Privacy Policy and Terms of Use. You can opt out at any time. For more information, please see our Privacy Policy.
the YARDBARKER app
Get it now!
Ios_download En_app_rgb_wo_45

Can Preller fix the mess in San Diego?

Next summer's top 10 NBA free agents

Who is the NL's new top shortstop?

Cardinals HC Bruce Arians calls Jen Welter a 'trailblazer'

Mets still act like a small-market team

Tom Brady: I did nothing wrong

NFL upholds Tom Brady's suspension, legal battle likely

Cardinals hire first female NFL coach

Larry Bird: Michael Jordan would kill me in 1-on-1 now

Seau family: HOF broke their word

Kobe to see time at power forward next year

Mike Pettine not ruling out Manziel

Today's Best Stuff
For Publishers
Company Info
Help
Follow Yardbarker