As part of the deal to move the Sacramento Kings to Seattle, Chris Hansen's group must pay the Maloof family a non-refundable $30 million deposit by Feb. 1, according to ESPN.com's Marc Stein.
Kings sale: Maloofs to reportedly receive non-refundable deposit from Seattle group
ESPN.com’s Marc Stein reports that the Maloof family will receive a non-refundable $30 million deposit from Chris Hansen’s Seattle group as part of the Kings’ sale.
The Maloofs and Hansen’s Seattle group struck a deal late Sunday night to move the Kings to Seattle. The deal is for a 65 percent controlling stake of the franchise, or about $340 million of the $525 million total valuation. The Hansen’s are also expected to apply for relocation in time for next season, and Yahoo! Sports’ Adrian Wojnarowski reports that approval from the NBA’s Relocation Committee is a “formality.”
However, the deal will not officially be complete until it is approved by the NBA’s Board of Governors. Sacramento Mayor Kevin Johnson has been working to put together an ownership group that could potentially keep the Kings in the city. The Board of Governors do have the final say in the matter, so there still is an outside shot the Kings could stay if Johnson and his group come up with a viable offer.
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