Maloof Family Secures Sale of Sacramento Kings to Seattle Group

The Maloof family, the owners of the NBA’s Sacramento Kings, has reached an agreement to sell the controlling interest in the franchise to a Seattle group, according to Marc Stein of ESPN.

The prospective ownership group is looking to move the team immediately to Seattle.

According to, NBA teams were formally notified Sunday night that the Kings have been valued at $525 million. The Maloof family and a group led by hedge fund manager Chris Hansen have executed a purchase and sale agreement, which the NBA confirmed through a statement Monday morning.

The deadline for relocation is March 1. The group looks to file in time to meet this requirement, according to reports.

The agreement to transfer the 65 percent majority stake in the Kings to the Seattle group led by Hansen and Microsoft CEO Steve Ballmer represents the 53 percent owned by the Maloofs and an additional 12 percent from minority owner Bob Hernreich.


Related Articles

Back to top button

My News Matters to me - Washington Informer Donations

Be a Part of The Washington Informer Legacy

A donation of your choice empowers our journalists to continue the work to better inform, educate and empower you through technology and resources that you use.

Click Here Today to Support Black Press and be a part of the Legacy!

Subscribe today for free and be the first to have news and information delivered directly to your inbox.

By submitting this form, you are consenting to receive marketing emails from: Washington Informer Newspaper, 3117 Martin Luther King Jr. Ave SE, Washington, DC, 20032, You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Adblock Detected

Please consider supporting us by disabling your ad blocker