Report: Deal Reached to Move the Sacramento Kings to Seattle
Investor Chris Hansen has contacted the Maloof family about buying the Sacramento Kings people with knowledge of the situation said Wednesday. The people spoke on condition of anonymity because no deal has been reached. One person says the Kings could sell for more than $500 million. The Kings' future in Sacramento has been uncertain because the Maloofs and the city haven't been able to come up with a long-term arena solution. Yahoo! Sports first reported the discussions between the Kings and Hansen. Yahoo! reported a possible sale could land the Kings in Seattle for the 2013-14 season. Hansen reached agreement with local governments in Seattle last October on plans to build a $490 million arena near the city's other stadiums: CenturyLink Field and Safeco Field. As part of the agreement, no construction will begin until all environmental reviews are completed and a team has been secured.Hansen's group is expected to pitch in $290 million in private investment toward the arena, along with helping to pay for transportation improvements in the area around the stadiums. The plans also call for the arena to be able to handle a future NHL franchise. The remaining $200 million in public financing would be paid back with rent money and admissions taxes from the arena, and if that money falls short, Hansen would be responsible for making up the rest. Other investors in the proposed arena include Microsoft Chief Executive Steve Ballmer and two members of the Nordstrom department store family.The NBA had no comment. Representatives for Hansen did not return messages seeking comment. Any franchise looking to relocate must submit their plans to the NBA by March 1 and the move must be approved by the league.