The Sacramento Kings Have Been Sold to Seattle Hedge Fund Manager January 21, 2013 12:44
A couple of weeks ago we told you that the Sacramento Kings might be moving to Seattle, if they were sold by the Maloof family to a group headed by hedge fund manager, Chris Hansen.
Reports now say that the Maloof family reached an agreement with Hansen to sell a controlling interest in the club on Sunday.
The group will pay $525 million for a 65% share in the franchise. Hansen's intention is now to petition to NBA to move the team to Seattle, for the 2013-14 season. Hansen has spent the past few years buying land in Seattle near the Safeco Field, where the Mariners basketball team play, and the CenturyLink Field, where the NFL Seahawks play, in order to build a new NBA arena.
The Kings have been in Sacramento since 1985, when they moved from Kansas City. The Mayor, Kevin Johnson, and the resident NBA fans of Sacramento are not happy about the move.
Johnson has been looking to build a buyer group locally to ensure that the Kings would stay in California, but so far hasn't been successful. Seattle has been without an NBA team since 2008, when Clay Bennett bought the Seattle SuperSonics, and moved them to Oklahoma, where they became the Oklahoma City Thunder.