The Maloofs have agreed to sell 65% of their share to a Seattle based interest group for $525 million. The remaining 35% share which is not held by the Sacramento Kings owners will remain with the minority shareholders for now.
The Maloofs will now receive a non-refundable $30 million deposit by the Seattle based hedge funders by February 1st. Until then, the mayor of Sacramento – Kevin Johnson – will be in a scramble to put together yet another counteroffer to the league. Johnson was able to keep the Kings in Sacramento this year, but he might not be able to do it again.
The Seattle-based group hopes to relocate the Kings back to Key Arena in Downtown Seattle as early as next year. They also have a new arena worth another $500 million that is in the works for the beginning of the ‘15-’16 season.
So, much for the lockout and NBA owners losing money every year.
The real losers, once again, will be the fans. And sadly, the Sacramento Kings fans were one of the best in the league.