CSN Bay Area Reports Kings move to Seattle a done deal

CSN Bay Area Reports Kings move to Seattle a done deal
January 11, 2013, 2:30 pm
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According to CSN Bay Area Matt Steinmetz, the Sacramento Kings and an ownership group led by Seattle investor Chris Hansen said Friday that a deal between the sides has been struck.

Steinmetz source said that “Hansen will buy the team from the Maloofs, the Kings’ owners, for approximately $525 million, which would be the highest amount ever paid for an NBA team.”

The Maloofs have owned the Kings since 1998, and oversaw the greatest era in Sacramento basketball history. The Kings made the playoffs for eight consecutive seasons, beginning in 1998, including one trip to the Western Conference finals and three trips to the Western Conference semifinals.

The deal will almost assuredly usher in a new era of basketball in Seattle. The Sonics moved from Seattle to Oklahoma City in 2008 after playing in Seattle for 40 years.

Conventional wisdom is that NBA commissioner David Stern, who is retiring in 2014, wanted to find a team for Seattle before his commissionership was through.

The $525 million price-tag for the Kings dwarfs what the Warriors sold for a little more than two years ago. The reported sale price of the Warriors to Joe Lacob was $450 million. But numerous sources have put the actual sales price of the Warriors in 2010 at $428 million.