Sacramento Kings To Be Relocated To Seattle

Sacramento Kings To Be Relocated To SeattleWith the finalization of the Sacramento Kings’ sale to a Seattle-based ownership group, the NBA’s relocation committee will overwhelmingly ratify the franchise’s move to Seattle for the 2013-14 season, league sources told Yahoo! Sports.

‘Sonics name and colors’

The new ownership group, led by Chris Hansen and Steve Ballmer, will purchase 65 percent of the Kings at a franchise valuation of $525 million. The new owners will file for relocation to Seattle before the March 1 deadline, sources told Yahoo! Sports. The Seattle group’s plan is to play the next two seasons in Key Arena before moving into a new $500 million arena in downtown Seattle in 2015, sources said. The new Seattle owners will bring back the franchise’s longtime Sonics name and colors.

The relocation committee is chaired by Oklahoma City Thunder owner Clay Bennett, and includes Washington’s Ted Leonsis, Minnesota’s Glen Taylor, Utah’s Greg Miller, Miami’s Mickey Arison, Indiana’s Herb Simon and San Antonio’s Peter Holt. Bennett moved the Sonics from Seattle to Oklahoma City in 2008.


‘Exit the league’

The NBA’s Board of Governors support this ownership group, want a team back in the Seattle market and will approve the sale at the next league meeting, sources said.

While NBA commissioner David Stern did work dutifully to find a way to keep the Kings in Sacramento for several years, the league was pushing the Maloof family to sell their 53 percent ownership share, and wanted badly for them to exit the league as owners, sources said. The Seattle contingent is purchasing the Maloofs’ portion of the franchise and a 12 percent share from minority owner Bob Hernreich.

Do you think relocating the Kings to Seattle is a good idea? Would you still cheer for this team even if they would be called “Sonics” already?

Source: Adrian Wojnarowski, Yahoo Sports

Image: Sports Illustrated

Seattle Group Negotiating With Maloofs To Buy Sacramento Kings

Seattle Group Negotiating With Maloofs To Buy Sacramento KingsThe Maloof family is finalizing an agreement to sell the Sacramento Kings to a group that hopes to move the franchise to Seattle for the 2013-14 season, league sources told Yahoo! Sports.

‘First and goal at the 1′

The deal will sell the Kings for approximately $500 million to a group led by hedge-fund manager Chris Hansen and Microsoft chairman Steve Ballmer. The group is seeking to relocate the franchise to Seattle’s KeyArena for the 2013-14 season. The Seattle group’s plans, with support of the NBA, is to play two seasons in Key Arena before moving into a new Seattle arena, sources said.

No agreement has been signed, but one source with knowledge of the talks described the deal as “first and goal at the 1.” Sources said it will take “some time” to get a formal agreement in place. The Maloofs’ history of changing course late in negotiations still has some uneasy about getting the sale completed. The Maloofs previously neared a deal with Sacramento leaders to help finance a new arena in the city before backing out.


‘The Sonics’

The Maloofs are expected to keep an extremely small percentage of the team, but will have no real input or say in the franchise, sources said. Once the sale is completed, the Seattle-based group will have until March to file for relocation. NBA commissioner David Stern has been a big proponent of the Hansen-Ballmer group, and league officials will work diligently to help the franchise move to Seattle if the sale is finalized, sources said. The Seattle-based group is determined to not have the franchise spend a final lame-duck season in Sacramento.

The prospective Seattle ownership plans are to change the Kings’ name and logos back to the original proprietors of the city’s NBA history: the Sonics. “Same name and logos,” a source working with the group told Y! Sports.

Are you a fan of the Sacramento Kings? Do you think the upcoming relocation will do more good or more harm to the team?

Source: Adrian Wojnarowski, Yahoo Sports

Image: USA Today