Official statements released by Maloofs, Chris Hansen and NBA on sale of Sacramento Kings

The following statements were released this morning regarding the agreement to sell the Sacramento Kings to a Seattle-based ownership group.

The Maloofs through spokesperson Eric Rose:

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 to thank Chris Hansen for his professionalism during our negotiation.  Chris will be a great steward for the franchise,” said Gavin Maloof, Kings co-owner speaking on behalf of the Maloof family.

Seattle investor Christopher Hansen:

We are happy to announce that we have entered into a binding agreement with the Maloofs to purchase a controlling interest in the Sacramento Kings NBA franchise. The sale is obviously subject to approval by the NBA Board of Governors, and we look forward to working with the League in the coming months to consummate the transaction.

While we are not at liberty to discuss the terms of the transaction or our plans for the franchise given the confidential nature of the agreement and NBA regulations regarding public comments during a pending transaction, we would just like to extend our sincerest compliments and gratitude toward the Maloof family. Our negotiations with the family were handled with the utmost honor and professionalism and we hope to continue their legacy and be great stewards of this NBA franchise in the coming years and decades.

The NBA:

“The NBA received an executed Purchase and Sale Agreement for the transfer of a controlling interest in the Sacramento Kings from the Maloof family to an investor group led by Christopher Hansen. The proposed transaction is subject to the approval of the NBA Board of Governors and has been referred to the Board’s committee process for review.”

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About: Jonathan Santiago

Jonathan Santiago serves Cowbell Kingdom as senior editor specializing in writing, podcasting and video production. He also handles the majority of CK’s day-to-day beat coverage of the Kings.