The Maloof family is finalizing an agreement to sell the Sacramento Kings to a group that hopes to move the franchise to Seattle for the 2013-14 season, league sources told Yahoo! Sports.
The deal will sell the Kings for approximately $500 million to a group led by hedge-fund manager Chris Hansen and Microsoft chairman Steve Ballmer. The group is seeking to relocate the franchise to Seattle's KeyArena for the 2013-14 season.
The Seattle group's plans, with support of the NBA, is to play two seasons in KeyArena before moving into a new Seattle arena, sources said.
Great news for Seattle and former Sonics fans if the deal ends up going through. A shame it has to be at the expense of the Kings and their lineage that dates back to the 1940s, though.