AP: 715e9edd-a563-4ba4-ad14-e3e45d8856df
In this June 14, 2012, file photo, investor Chris Hansen smiles as he speaks to supporters of a proposal for a new NBA arena during a rally in Seattle. (AP Photo/Elaine Thompson, File)
Following weeks of unconfirmed rumors and unnamed sources, the NBA has confirmed the proposed sale of the Sacramento Kings to Chris Hansen's Seattle investment group.

On Monday morning, the NBA issued the following statement: "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."

Listen: Former Sonics announcer Kevin Calabro on the NBA's return to Seattle

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

Hansen echoed praise when writing of the Maloof family in a statement on SonicsArena.com. He said the negotiations with the Maloof family were handled with the "utmost honor and professionalism."

"We hope to continue their legacy and be great stewards of this NBA franchise in the coming years and decades," Hansen wrote.

Hansen said he is not at liberty to discuss the terms of the transaction or the plans for the franchise because of the confidential nature of the agreement and NBA regulations regarding public comments during a pending transaction.

But, sources say Hansen's group will buy 65 percent of the franchise for $525 million, move the team to Seattle and restore the SuperSonics name. The Maloofs will have no stake in the team.

The sale figure is a total valuation of the franchise, which includes relocation fees. Hansen's group also is hoping to buy out other minority investors.

The Maloofs will receive a $30 million non-refundable deposit Feb. 1, according to the deal, one person said. They will still be allowed to receive other offers until the league approves the sale.

"This is an exciting day for our city and for Sonics fans everywhere," Seattle Mayor Mike McGinn said in a statement. "I congratulate Chris Hansen and his investment team. While there is more work ahead, this is a major step toward bringing the Sonics home."

Meanwhile, Sacramento Mayor Kevin Johnson said last week he had received permission from NBA Commissioner David Stern to present a counteroffer to league owners from buyers who would keep the Kings in Sacramento.

Listen: Sonics great Shawn Kemp on the NBA's return to Seattle

Senior NBA.com writer Steve Aschburner tells Seattle's Morning News the move to Seattle may not be a done deal yet.

"If I were Seattle I would not be spiking the basketball quite yet," said Aschburner. "I'm happy for Seattle. I think it's likely to happen. Everything seems to be pointed in that direction. But I would not refer to the Board of Governor's thing as slam dunk."

"[NBA Commissioner David] Stern has already said he would give Sacramento an opportunity to match an offer," said Aschburner.

Johnson said in a statement late Sunday night that the city remains undeterred despite the agreement with the Seattle group.

"Sacramento has proven that it is a strong NBA market with a fan base that year in and year out has demonstrated a commitment to the Kings by selling out 19 of 27 seasons in a top 20 market and owning two of the longest sellout streaks in NBA history," Johnson said.

"When it comes to keeping the team in our community, Sacramento is playing to win. In particular, we have been focused like a laser on identifying an ownership group that will both have the financial resources desired by the NBA and the vision to make the Kings the NBA equivalent of what the Green Bay Packers have been in the NFL."

In a saga that has dragged on for nearly three years, Johnson and Sacramento appear to be facing their most daunting challenge yet.

NBA insider Rick Bucher told "The Kevin Calabro Show" that while there could still be a roadblock to a deal, "all the ducks are lined up" for the Kings to move to Seattle.

"The bottom line is that Sacramento has had the opportunity to make an offer for quite some time now and they haven't found the money guy to do it," Bucher said. "And now that you have the price set as high as it is it just simply doesn't make sense any fiscal sense for anyone in a market like Sacramento to go out and drop $500 million plus and try to make it work in that market."

Listen: NBA insider Rick Bucher on last-ditch efforts to keep the Kings in Sacramento

"Nobody understands better than Seattle what means to lose a team," said McGinn. "I understand why Kevin Johnson is working so hard to keep the team. If mayors had a vote, we'd probably vote for expansion."

If the move to Seattle is approved, Hansen's group plans to have the team play at least the next two seasons in KeyArena before moving into a new facility in downtown Seattle. The deadline for teams to apply for a move for the next season is March 1.

Hansen, a Seattle native and San Francisco-based investor, reached agreement with local governments in Seattle last October on plans to build a $490 million arena near the city's other stadiums, CenturyLink Field and Safeco Field.

As part of the agreement, no construction will begin until all environmental reviews are completed and a team has been secured.

Hansen's group is expected to pitch in $290 million in private investment toward the arena, along with helping to pay for transportation improvements in the area around the stadiums.

The plans also call for the arena to be able to handle a future NHL franchise.

The remaining $200 million in public financing would be paid back with rent money and admissions taxes from the arena, and if that money falls short, Hansen would be responsible for making up the rest.

Other investors in the proposed arena include Microsoft Chief Executive Steve Ballmer and two members of the Nordstrom department store family.

Hansen's goal has been to return the SuperSonics to the Puget Sound after they were moved from Seattle to Oklahoma City in 2008.

Asked in September if he could envision a team being in Seattle for the 2013 season, Hansen was cautious about finding an option that quickly.

The Kings' sale price would top the NBA-record $450 million the Golden State Warriors sold for in July 2010.

Brothers Joe, Gavin and George Maloof bought controlling interests in the franchise from Los Angeles-based developer Jim Thomas in 1999. The Maloofs, who have long waited for an upgrade to the team's outdated arena, backed out of a tentative $391 million deal for a new downtown building with Sacramento last year, reigniting fears the franchise could relocate.

Johnson and the Kings broke off all negotiations in the summer with the team's owners, who said the deal didn't make financial sense for the franchise.

In 2011, the Kings appeared determined to move to Anaheim before Johnson convinced the NBA to give the city one last chance to help finance an arena.

At one point, Johnson seemed so certain the team was gone he called the process a "slow death" and compared the city's efforts to keep the Kings a "Hail Mary."

Johnson made a pitch to the NBA Board of Governors in April 2011, promising league owners the city would find a way to help finance a new arena to replace the team's current outdated suburban facility. That pitch bought the Kings time, before the brokered deal between the city and the Maloofs fell apart last year.

___

AP sports writers Antonio Gonzalez and Bernie Wilson contributed to this story.

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Comments (64)


  • Add A Comment

  • Rayvensdad wrote...
    There we go!
    January 21, 2013 7:00 am
    Thank you Chris!
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • messiah101 wrote...
    Hansen gave a $30,000,000 non refundable deposit but
    January 21, 2013 7:03 am
    The Maloofs can still accept other offers??Hanson sounds desperate to accept that type of deal.Sounds as if Hansen and Balmer are completly out of their element on this.Act like a sheep and you get fleeced
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Rayvensdad wrote...
    messiah101...
    January 21, 2013 7:26 am
    if you think they're out of their element on this then you are as delusional as the Maloofs were as owners of an NBA team. When dealing with a group of people like the Maloofs you come to terms with the fact that they have the leverage and what you want and aren't going to give it up freely. If you want something and have the resources to acquire it, you'll be willing to do many things that others aren't. How that puts them out of their element is beyond understanding.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • messiah101 wrote...
    Rayvensdad
    January 21, 2013 7:41 am
    You don't seem to understand the purpose of a Deposit.And I do understand that when dealing with people who make unreasonable demands that some times the best thing a smart businessman can do is walk (in this case run) away from the deal.As far as the Maloofs having leverage go's remember they are the ones SELLING the Kings and there is a reason they are selling and its not because they have too much $$$.Remember the Golden Rule,those with the Gold make the rules
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Frogsplash wrote...
    messiah, please just stop postin about the arena
    January 21, 2013 9:41 am
    You do not have an accurate, or even intelligent history with it. Last night, according to you, Hansen was a idiot for only getting 65% of the team for the full 525 million. Would you like me to bring up all of the other stuff you spouted as FACT, when in fact, you where shown to be completely wrong? Stop posting on stuff you know zero about.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • messiah101 wrote...
    Froggie
    January 21, 2013 11:04 am
    Tell me where I'm wrong in what I posted about this article. It easy for guys like you to tell people they are wrong about things that you personally feel strongly about but you lose credibility when you mention NO specifics.I gave REASONs why I considered Hansen a IDIOT if the story was true that he payed $525,000,000 for ONLY 65%.If true Hansen has SUCKER written all over him to hand over a $30,000,000 non refundable deposit while allowing the Maloofs to continue Shopping the team should remove any doubt that Hansen knows much about business
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • seatownfan4life wrote...
    Hansen didn't pay 525 million for a 65% stake
    January 21, 2013 4:18 pm
    That's what the total franchise is valued at. Hansen's group bought a controlling stake in the team (65%) for roughly 340 million. The other 35% percent is still in the hands of the current minority owners.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Frogsplash wrote...
    Messiah, how many multi-million deals have you been involved with?
    January 21, 2013 6:47 pm
    Where does your expertise come from in these types of arrangement? I hate to tell you, but the folks you are stating that are "out of their element" in this deal, actually consumate these types of deals, and even lager ones, all of the time. I am going to trust that they, not you, know what they are doing. I actually do not post things as fact, like you do, just because I feel strongly about it.I just said you should stop posting about the arena, given your history with these discussion. I can dig a bunch up if you need reminding.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • messiah101 wrote...
    Froggie
    January 21, 2013 8:04 pm
    Deals are Deals Big deals just have more Zero's but the basics of any deal are the same.You showed your ignorance earlier when you stated the seller held the aces.The Maloofs NEED to sell Hansen does not NEED to buy.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Frogsplash wrote...
    Actually, no they are not
    January 21, 2013 9:37 pm
    Larger deals are infinately more intricate than smaller deals. Take your own houshold. How intricate was the purchase of your house as compared to the purchase of you TV, your fridge, your car...... Again, your show your ignorance with your arrogance, and are proven to be wrong.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • messiah101 wrote...
    froggie
    January 21, 2013 11:02 pm
    Yes buying my used car was similar to buying a house.A mechanic inspected the car,a home inspector checked out my home,a car salesman showed me the car and a real estate agent showed me my future home,I applied for a car loan and I applied for a home loan the car cost $15000 the house $294000,big difference in price,same process. Keep trying Froggie
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • john_s wrote...
    What are you talking about???
    January 21, 2013 12:31 pm
    It's a binding agreement. The Maloofs cannot accept another deal. The 30 mil is a way for Hansen to have legal recourse if the BOG denies the move Messiah you've been fighting the arena the whole time. It's time for you to give up the fight. We got the arena and we're getting the time. Time for you Messiah to find another issue to be the savior of
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • messiah101 wrote...
    john_s
    January 21, 2013 1:58 pm
    Read the article the Maloofs CAN take a another offer.What part of that is so hard for you to understand? And I guess you missed the post where I stated that I thought the FINAL (and I hope its the final) deal with Hansen,(which added that Hansen will pick up the demolition costs at the end of the lease)was a good one for the city when compared to the deals other cities cut with owners
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Forrest wrote...
    "We have always appreciated and treasured our ownership of the Kings and have had a great admiration for the fans and our team members," Gavin Maloof said
    January 21, 2013 7:19 am
    "and have had a great admiration for the fans"

    Apparently not!

    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Forrest wrote...
    "We hope to continue their legacy and be great stewards of this NBA franchise in the coming years and decades," Hansen wrote.
    January 21, 2013 7:21 am
    Until they want to sell the franchise to the highest bidder. Just like Howard Schultz and just like the Maloofs.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Rayvensdad wrote...
    seriously...
    January 21, 2013 7:28 am
    Do people like you enjoy nothing in life?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Forrest wrote...
    @Rayvensdad
    January 21, 2013 8:12 am
    Actually we do enjoy watching pigeons being taken advantage of and then pointing it out.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Derrol_o wrote...
    @Rayvensdad
    January 21, 2013 10:13 am
    I gotta concur with Forrest, I was thinking the exact same thing when I was reading those quotes in the article. And yes there are things I enjoy in life, like being a hardcore Sonics fan my entire life. Give me back the old Sonics, the team that's in OKC now and I might get on board. What's happening to the fans in Sacramento is a joke and saying something like having admiration for those fans just further insults them.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • sambra27 wrote...
    Forrest
    January 21, 2013 12:47 pm
    Your highly optimistic post reminds me of a Mitch Hedberg joke:

    Mitch, why do you like red wine? Doesn't it give you a headache?

    Yeah! But the first and the middle part are amazing. I'm not going to not do something just because of what will happen at the end! "Mitch do you want an apple?", NO EVENTUALLY IT WILL BE A CORE!"

    Seriously man, lighten up. By the way Russel Wilson is a bust too because he will eventually be an old, washed out QB like Matt Hasselbeck. I guess we'd better cut him.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Forrest wrote...
    @sambra27
    January 21, 2013 1:49 pm
    I bet you were one of the whiners when Bennett took HIS Sonics to Oklahoma.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • anotherfencewalker wrote...
    Easy boyz..
    January 21, 2013 7:47 am
    Seattle has a team coming up but dont forget that as a "team" this one is kind of the junkyard dogs of talent and coaching. This group could be in the tank for a couple of years at least. AND, I assume that the broadcast outlets, especially KIRO are scrambling for the rights on this little gold mine. Lets see how deep the pockets are at Bonneville..
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • messiah101 wrote...
    anotherfencewalker
    January 21, 2013 8:18 am
    What Hansen is buying is the Franchise,the standing of the team in its league means little.Funny how the NBA is set up competition wise,almost every team has a winning record or is playing 500 ball AT HOME.(check it out) this gives the Home town fans a reason to see their team win more then lose at Home
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Frogsplash wrote...
    It's called home field/court advantage
    January 21, 2013 10:08 am
    All sports lean this way.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • messiah101 wrote...
    Froggie
    January 21, 2013 11:20 am
    No where close to the NBA home court advantage, home teams totals 24 have more wins or at least a 500 record, MLB 19 winning 11 losing,NFL 22,winning or tying, 10 losing.Froggie I'm ALWAYS proving you wrong a person with any common sense would get tired of looking so foolish .Are you sense LESS?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Frogsplash wrote...
    Messiah, I said LEAN
    January 21, 2013 6:51 pm
    Read. Let's have a history lesson.... Remember when you stated as FACT the arena was going to sit on the 3 acres of land purchased for 24 million? Let's try another. How about when you stated as FACT the only revenue stream that would pay down the bonds was what was collected from concession and ticket taxes, and not any lease? I've got a lot more, want me to go on?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • messiah101 wrote...
    Froggie
    January 21, 2013 8:09 pm
    Hansen purchased the land in segments over time different sized tracts at different prices.Haven't you followed that info?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Frogsplash wrote...
    Yes, but you were the one that stated as FACT
    January 21, 2013 9:39 pm
    That the 3 acres was all that was purchased for the arena, that the arena was somehow going to magically fit on that plot. I can go dig that up for you if you would like?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Frogsplash wrote...
    Oh what the heck, since you insist Messiah
    January 21, 2013 9:47 pm
    Read this one.. http://mynorthwest.com/27/694646/Chris-Hansen-acquires-more-land-in-SoDo This is fun. Shall we play some more?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Frogsplash wrote...
    This is fun ....
    January 21, 2013 10:02 pm
    Let's talk about rent/lease payments shall we. Mind you that this discussion was even after that fact that all of the facts regarding the payments were out. http://mynorthwest.com/?nid=384&sid=685028
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • messiah101 wrote...
    Froggie
    January 21, 2013 11:10 pm
    You keep falling short of your goal.Only a fool continues to use the same technique when the technique doesn't work.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Derrol_o wrote...
    Home court
    January 21, 2013 11:37 pm
    m101, I'm not exactly sure what point you're trying to make but home court advantage has ALWAYS been more significant in the NBA than in other sports. The 2nd most significant is the NHL, then the NFL, then MLB. I'm sure the numbers and percentages historically bear that out. There are rare exceptions like the '84 Lakers who went 28-13 at home and 29-12 on the road but it doesn't happen often. Far more typically it's like the '95-96 Sonics who went 39-2 their first year in the remodeled Key and 25-16 on the road. If most teams this year are .500 or better at home it doesn't surprise me. It's just the way it's always been.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Rick W7PSK wrote...
    One thing Chris HAS TO DO
    January 21, 2013 8:02 am
    Hire Kevin Calabro as the Announcer.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • CH wrote...
    OK Details -
    January 21, 2013 9:06 am
    The Maloof family has agreed to sell the Kings to a Seattle group led by investor Chris Hansen. Hansen's group will buy 65 percent of the franchise for $525 million. Hansen's group also is hoping to buy out other minority investors. The Maloofs will receive a $30 million non-refundable deposit Feb 1st[nice]. Hansen's group is "expected[????] to pitch in $290 million in private investment" toward the arena[his skin?]. The remaining ***"$200 million in public financing"***[tax money] would be paid back with rent money and admissions taxes from the arena, and if[when] that money falls short, Hansen would be responsible for making up the rest[lol]. ***The Kings' sale price would top the NBA-record $450 million***. Recap sale price $450 million. Hansen's group $290 million + $200 million taxpayers. this pencils out $490 million. So we paid $40 million more than the sale price?? Now I see why he paid 3 time what the land was worth. Why not have the Kings/SuperSuckers play at Key Arena? What is plan B if CH can't pass EIS?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Frogsplash wrote...
    CH, some help with math
    January 21, 2013 10:05 am
    The $490 million is for land and THE ARENA, completely seperate from the $525 million is for THE TEAM, completely seperate from the arena. This puts Hansen's group out of pocket cost at, hang with me here, watch carefully .... $525 million (team) + 290 million (Hansen's group out of pocket for land/arena) = $815 million. One other thing, read up a bit more. The $525 million is the total franchise valuation, not just the 65%.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • CH wrote...
    Correction: Hansen's group will buy 65 percent of the franchise for $525 million -
    January 21, 2013 9:21 am
    not the NBA-record $450 million the Golden State Warriors sold for in July 2010. Needing only $35 million in skin!!
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • jlwood1142 wrote...
    You're such an idiot
    January 21, 2013 7:48 pm
    They are spending roughly 290 mill for 65% of the the franchise. WHich is a controlling interest. The 35% is made up of minority owners that make up the rest of the 525 Mill
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Hawkin wrote...
    Once again 55,974 likes
    January 21, 2013 9:26 am
    at SonicsArena.com vs 17 haters on MyNorthwest.com and the 3rd quarter is about to kick off.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • messiah101 wrote...
    Hawkin
    January 21, 2013 9:36 am
    On that site Hansen claims to have a "Binding Agreement" with the Maloofs yet the article says that the Maloofs can accept other offers. Who's LYING?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Hawkin wrote...
    That like me asking
    January 21, 2013 10:13 am
    someone else if Messiah101 hates basketball. How would they really know the absolute truth unless they were in the situation of a Messiah101 sports preference meeting. I am not a fly on the wall I AM A BASKETBALL FAN! Don't give up your fight though.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • messiah101 wrote...
    Hawkins
    January 21, 2013 2:07 pm
    What exactly was your post about?Do you have an answer for the question I asked?By the way love BB,in fact years ago I worked for the Rockets/Nuggets with the ABA and I played ball myself but never at the pro level
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • halfcan wrote...
    Keep Wally Walker away!
    January 21, 2013 9:41 am
    Don't let that creep near the new team, he ruined the Sonics.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • universalguru wrote...
    I used to be with you
    January 21, 2013 10:41 am
    But Walker was key to putting this ownership group together. He was Hansen's liaison between Ballmer, Nordstrom and politicians. I think it's time that we forgive (as long as he stays away from team decisions moving forward).
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • seer-1 wrote...
    I don't think Wally will be around
    January 22, 2013 11:19 am
    I can't remember one move he made that was a good one. I'm excited about new blood running this team. Keep Walker away please.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • { "Thumbs Up":"1","Thumbs Down":"-1" }






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