Details emerge of the proposed Sacramento Kings sale

Posted by Unknown on Monday, January 14, 2013 with 2 comments

  • a $525 million sale of majority ownership to the Chris Hansen-Steve Ballmer group
  • the Hansen-Ballmer Seattle group would purchase 65 percent of the Kings
  • The sale price of $525 million is considered an overall valuation of the franchise.
  • The Kings have yet to file for relocation to Seattle, but will do so before the March 1 deadline
  • Seattle group plans to use KeyArena for two seasons until the completion of a new Seattle arena 
  • The city of Seattle and King County has a deal with Hansen to construct a new arena 
  • Plans to build a $500 million arena were approved by the local officials in October.
  • The group also will change the team's name back to the Sonics.