One of the major hangups was that before breaking ground they had to lock in both an NBA and an NHL team. Half of that issue might very well be resolved soon. According to Adrian Wojnarowski, an NBA columnist for Yahoo! Sports, a deal to move the Sacramento Kings to Seattle is being finalized. As Wojnarowski states in the tweet below, however, there's still a chance it could fall through.
No agreement signed, but one source describes deal as "1st and goal at 1." Maloofs history of changing course late still makes many uneasy."
If the deal is in fact finally made, the Kings could be playing in Seattle as early as next Season, under which name is yet to be determined. The Key Arena will house the team for two years until the new arena is ready for them.
This news comes soon after the Virginia Beach bid for the Kings was suspended yesterday. We'll be updating as more information becomes available.