Rumors: Sacramento Kings Sold For $525 Million To Seattle Group?

Rumors: Sacramento Kings Sold For $525 Million To Seattle Group?

10:26 am

7226570 (1)There have been many conflicting reports about the sale of the Sacramento Kings to the Hansen-Ballmer Seattle group. Some have said that the Maloofs want input on the team after the sale and some have said that the sale isn’t going to go down. The latest rumor we have is from Matt Steinmetz of Comcast Sports Bay Area. Here’s what he said on his Sulia:

I’ve heard from reliable source that the Kings’ sale to Hansen-Ballmer in Seattle is done deal. Source said price of the sale is $525 million.

There’s still skepticism about this. For one, he’s the only one that has talked about this thus far. Also, Steinmetz has pretty good sources himself although he actually covers the Warriors, not the Kings.

The earlier reports had the Maloofs selling at $500 million. Again, there were multiple reports about them wanting some input of the team after the sale. But according to Steinmetz, the group is adding an extra $25 million to get the Maloofs out of the picture completely. I can see that happening but, once again, nothing is confirmed. Take this report as a rumor for now.

But if the sale does get finalized to that Hansen-Ballmer group, expect the Kings to get relocated to Seattle (reportedly as early as next season), whose team was relocated by Clay Bennett before the 2008-09 season. That team is now known as the Oklahoma City Thunder. Bennett bought the team for about $350 million. Also of note, the Memphis Grizzlies were bought by Robert Pera for just over $375 million. So if the Kings get sold for half a billion, that’s… way more than I thought the Maloofs would get.

While I would be happy for Seattle, this would be nothing but bad news for Sacramento. We’ll have more updates as this story develops. Like I said, take this story with a grain of salt for now.