The Sacramento Kings have been sold to Seattle.
The Kings organization and the National Basketball Association this morning issued press releases announcing that the recently rumored sale of the team to a Seattle investment group has been concluded, and the deal has been sent to the NBA for review and potential approval in the coming weeks.
In a brief statement, the team owners, the Maloof family, expressed appreciation for Sacramento fans, but offered no details on the move.
"The Maloof family announced today that an executed purchase and sale agreement has been reached to sell the family's interest in the National Basketball Association (NBA) Sacramento Kings to a group led by investor Chris Hansen. The transaction requires approval by the NBA's Board of Governors and therefore no comments or details regarding the agreement will be released.
"We have always appreciated and treasured our ownership of the Kings and have had a great admiration for the fans and our team members. We would also like thank Chris Hansen for his professionalism during our negotiation. Chris will be a great steward for the franchise."
If the sale is approved by the NBA's board of governors, consisting of league owners, the team would move to Seattle next season and would be renamed the SuperSonics, after the franchise that left Seattle for Oklahoma City in 2008.
For more on the story, go to www.sacbee.com .