The Sacramento Kings trace their origins in Rochester, New York in the early 1920s, making them one of the oldest basketball clubs still in existence.
The Maloof family acquired a minority interest in the Kings in 1998 and took majority control the following year, with Joe and Gavin operating the franchise. Since then, the Maloofs have repeatedly found ways to back out of deals with the city of Sacramento. They have struggled to find a way to move their team to Anaheim, California and Virginia Beach, Virginia in the past year and a half.
Yahoo Sports’ Adrian Wojnarowski is reporting they are now finalizing a deal to sell the Sacramento Kings to the Seattle-based Hanson-Ballmer group:
— Yahoo! Sports (@YahooSports) January 9, 2013
Microsoft CEO and billionaire Steve Ballmer and San Francisco hedge fund manager Chris Hanson are leading a group that will pay $500 million to buy the the Kings from the Maloof family and move the team to Seattle seeking relocation to Key Arena for the 2013-’14 season.
David Stern has mentioned recently that he wants to bring a team back to the city of Seattle before his tenure as NBA commissioner is done. This would certainly solve that issue.