The majority owners of the Sacramento Kings, the Maloof family, announced their intent to sell the team.
Sacramento Mayor Kevin Johnson and other city leaders are created a counteroffer to present to the NBA after a Seattle investor group made a bid for the team. The NBA officially announced on Jan. 21 that an ownership group in Seattle made a $525 million offer to buy the Kings, something that had been rumored for weeks.
May 14, the NBA officially denied the Maloofs’ request to relocate the team to Seattle, effectively canceling any deal they had in Seattle.
For more background information on last year’s deal, and offers from earlier this year to buy the Kings, click here