Chris Hansen’s investment group that is seeking to bring an NBA team to Seattle by purchasing the Sacramento Kings from the Maloof family, majority owners of the Kings, announced today that the deal is official.
From a statement released in sonicsarena.com, Chris Hansen wrote:
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.
The Maloof family responded today by releasing the following statement through Gavin Maloof:
“The Maloof family announced today that an executed purchase and sale agreement has been reached to sell the family’s interest in the National Basketball Association (NBA) Sacramento Kings to a group led by investor Chris Hansen. The transaction requires approval by the NBA’s Board of Governors and therefore no comments or details regarding the agreement will be released.”
“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.”
Today the NBA also confirmed it has received the required documents for the purchase agreement.
“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.”
ESPN is reporting that a source close to the process told ESPN.com’s J.A. Adande that the Maloof family will retain a “small piece” of minority interest in the franchise after its expected relocation to Seattle and renaming as the SuperSonics for next season.
However, it’s expected that the Maloofs will hold no decision-making power once control of the franchise is transferred.