The Maloof family has agreed to sell its controlling stake in the Sacramento Kings NBA basketball team to an investor group led by hedge fund manager Christopher Hansen,
the
New York Times
reported.
Hansen plans to move the team to Seattle and rename it the SuperSonics. His investor group includes Microsoft CEO Steve Ballmer.
The league’s board of governors must approve the sale and relocation, and its advisory and finance committee must also review the deal, the
Times
report noted.
The Hansen group will acquire 65% of the team, which includes the Maloofs’ stake; minority shareholders own the other 35%, the
Times
article said. The
Times
estimated the cost of the 65% stake at $340 million.
The
Times
report said it is unclear whether this amount includes Sacramento’s Sleep Train Arena, which the Maloofs own, or the funds to pay off the Maloofs’ loans from the city and the NBA.
The
Times
article said Sacramento Mayor Kevin Johnson wants to find investors to make a competing offer for the Kings and keep them in the city in a new arena. According to the
Times
report, Johnson brokered a deal for a new stadium last year, but the Maloofs withdrew from the arrangement. (Source:
New York Times,
Jan. 21, 2013.)
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