SEATTLE – Multiple source says a deal to sell the Sacramento Kings to a Seattle Group is imminent, and could be formally announced as early as Monday.
The source close to the negotiations says sides have been preparing to make the announcement early next week.
Chris Hansen’s investment group has been negotiating with the Maloof family, owners of the Kings, off and on for several months, and only recently heated up the talks.
The potential $500 million dollar deal would be subject to NBA approval, and would require Hansen to file for relocation by March 1st.
The team would play in Key Arena for at least two years. Hansen needs to have an NBA anchor tenant in place before his group can begin construction on a proposed $490 million dollar arena in Seattle’s SoDo neighborhood.
That proposal still faces two lawsuits, and is currently going through a design and environmental review.