Sacramento Kings minority owner wants to buy team

Sacramento Kings minority owner wants to buy team

Credit: Getty Images

Fans of the Sacramento Kings hold up signs against the Los Angeles Lakers on April 13, 2011 at Power Balence Pavilion in Sacramento, California.

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by KING 5 News

NWCN.com

Posted on February 26, 2013 at 12:02 PM

A Sacramento TV station is reporting that a current minority owner of the Sacramento Kings wants to buy the team and keep them from moving to Seattle.

The report indicates the owner has $350 million, and a verbal commitment for another $400 million. His plan is to keep the Kings and build a privately financed arena.

The majority owners have reached an agreement to sell their stake in the team to investor Chris Hansen’s ownership group, with the goal to move the team to Seattle as early as this fall. The sale must still be approved by the NBA.

The Sacramento City Council is expected to meet Tuesday to discuss paying $150,000 to hire consultants and attorneys to help negotiate a deal for a new arena.

KING 5's Heather Graf contributed to this report

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