Kings Sale To Seattle Group Announced; Maloofs Part With Stake

The sale of the NBA Kings to a group led by Chris Hansen and Steve Ballmer was formally announced today (SEATTLETIMES.com, 1/21). The deal for a 65% stake, which is still pending a vote by the NBA BOG, will cost the Hansen-Ballmer group "a little more than" $340M, and will leave the Maloofs with "no stake in the team." The Hansen-Ballmer group also is "hoping to buy out other minority investors." The Maloofs will get a $30M "non-refundable down payment by Feb. 1," according to a source. They will "still be allowed to receive other offers until the league approves the sale" (AP, 1/21).

Kings investor John Kehriotis said that the sale "was a surprise" and that he "didn't hear of a deal" until this morning. Kehriotis: "It came out of left field" (MORGANHILLTIMES.com, 1/21).