The Maloof family has reached a "tentative agreement" to sell the Kings for $525 million to a group of Seattle-based investors led by hedge-fund manager Chris Hansen.
Hansen has a deal in place to build a new sports arena in Seattle, but the potential sale of the Kings must first be approved by the NBA's Board of Governors (the league's other 29 owners). Before that happens, mayor Kevin Johnson and a handful of serious investment groups are expected to make a case to keep the team in Sacramento, and the city is reportedly willing to offer in excess of $200 million in public funds to keep their team. Aaron Bruski reports on ProBasketballTalk.com that "sources in Sacramento like the city's chances to pull this out," and it sounds like we're coming down to the wire. If they are ultimately sold to Seattle, Hansen believes an NBA team could begin playing in KeyArena on a temporary basis as soon as 2013-14.