National Basketball Association and the Sacramento Kings this morning have confirmed that the Maloof family has reached a deal to sell the Sacramento Kings to a Seattle investment group. In a brief statement, the league said it will now begin its review of the deal.
"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."
The Kings' brief statement said, "The Maloof family announced today an executed purchase and sale agreement has been reached to sell the family's interest."
The announcements come after weeks of negotiations over the team's future.
The deal would move the team to Seattle - and sets up a climactic showdown that may not be settled for months.
A source close to the situation said Sunday that the Maloof family and the Seattle group, led by hedge-fund manager Chris Hansen and Microsoft billionaire Steve Ballmer, could announce a deal as early as today. If the sale is approved by the NBA's board of governors, consisting of league owners, the team would move to Seattle next season and would be renamed the SuperSonics, after the franchise that left Seattle for Oklahoma City in 2008.
For more on the story, go to www.sacbee.com .