Report: Maloofs finalizing deal to sell Kings to Seattle ownership group

Sacramento Kings fans awoke this morning to yet another wild day of speculation and rumors.  But now, that’s turned into a hollow pit in the stomachs of many.

According to Adrian Wojnarowski of Yahoo! Sports, the Maloofs are finalizing a deal to sell the team to Seattle’s ownership group for approximately $500 million.  The group, led by San Francisco hedgefund manager Chris Hansen, would then seek to relocate the team to the Pacific Northwest just in time for the 2013-14 NBA season.  The team would play in Key Arena for the following two years while construction for a new stadium takes place.

As of 10:45 this morning, sources within the team had initially denied the rumors.  They have not, however, responded since when reached for follow up comment.  Cowbell Kingdom also reached out to the NBA for further response, but the league has declined to comment.

The rumors started last night when Daina Falk, food blogger and daughter of NBA super agent David Falk, sent out a pair of tweets announcing that a sale.

“So I hear that the Seattle Kings is officially a done deal,” Falk said through her twitter account.  “The Maloofs finally sold the ailing Sacramento team.”

Falk has since deleted the tweets from her account, but plenty of folks around blogosphere were able to capture and post them around the web.  We will have more on this story, including player reaction as the day unfolds.  Needless to say, if the report is true, this is a sad day for the city of Sacramento

Jonathan Santiago also contributed to this post.



About: James Ham

James Ham is the senior editor of Cowbell Kingdom, providing extensive Kings coverage through news analysis, in-depth interviews with players and staff and daily coverage of breaking news since 2010. Along with providing original content for the site, including the Cowbell Kingdom Podcast and his weekly Sunday Musings column, James also contributes to and is one of the producers behind the award-winning, independent documentary film "Small Market, Big Heart".