According to Enstars on Jan. 11, “Real Housewives of Beverly Hills” star Adrienne Maloof’s family is selling the Sacramento Kings basketball team for approximately $500 million. The agreement has yet to be finalized.
If the deal concludes successfully, the new owners group, led by hedge-fund manager Chris Hansen and Microsoft chairman Steve Ballmer, are looking to move the franchise to Seattle’s Key Arena for the 2013-2014 season. This plan is supported by the NBA. The team’s name and logos will also change back to the Sonics. The Sonics name and logos were left behind when then owner Clay Bennett moved the Sonics from Seattle to Oklahoma City in 2008.
The Maloofs will keep a small percentage, but will have no influence or input on future deals or proceedings. Once the sale is finalized, the new owners must file for relocation by March.
This deal looks like it will go through, despite the Maloof family’s history of changing their minds late in the game. The nervousness is based, in part, on the deal the family had with Sacramento to finance a new arena but backed out at the last minute.
The Maloofs have been very successful with the franchise. The Kings advanced to the NBA Playoffs, had 50-plus regular season victories five times, won back-to-back Pacific Division titles and advanced to the Western Conference Finals in 2002. The Maloofs have owned the franchise since 1999 and are the longest tenured owners.
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