Adrienne Maloof and her family are in the process of selling the Sacramento Kings for approximately $500 million in an agreement that is being finalized, according to Yahoo! Sports.
The new group of owners, led by hedge-fund manager Chris Hansen and Microsoft chairman Steve Ballmer, hope to move the franchise to Seattle's KeyArena for the 2013-14 playing season, league sources said. The plan, supported by the NBA, is for the Kings to play two seasons in KeyArena before moving into a new Seattle arena.
The owners also plan to change the team's name and logos back to the Sonics, the new report added. When owner Clay Bennett moved the Sonics franchise from Seattle to Oklahoma City in 2008, he left behind the name and logos.
The Maloofs are expected to keep a small percentage of the team but will have no input in any future deals or proceedings within the franchise, sources said. Once the sale is completed, the new Seattle-based owners of the team will have until March to file for relocation.
No agreement has been signed as of yet but multiple news reported noted the deal is in the process of being finalized. The Maloofs have a history of changing their minds late in negotiations, which has some people feeling uneasy about the sale being completed. The family neared a deal with Sacramento leaders to finance a new arena but in the end backed out.
Under leadership of the Maloof family, the Kings advanced to the NBA Playoffs, recorded 50-plus regular season victories five times, won back-to-back Pacific Division titles, and advanced to the Western Conference Finals in 2002. They took over ownership of the franchise in 1999 and remain the team's longest tenured owners, according to the NBA. Maloof held ownership with her siblings: Joe, George, Gavin, Colleen and Phil.