The Maloofs look to be finalizing an agreement that would sell the Kings to a Seattle-based group, according to Yahoo Sports.
Adrian Wojnarowski, who covers the NBA for Yahoo Sports, broke the news on Twitter. According to his Tweets, the Maloofs would sell the Kings to the Hansen-Ballmer group, a Seattle-based investment firm.
Here are his Tweets (from http://twitter.com/WojYahooNBA)-
“The deal will sell the Kings for approximately $500 million, with the Seattle group seeking relocation to Key Arena for the 2013-’14 season.
The Seattle group’s plans, with support of the NBA, is to play two seasons in Key Arena before moving into a new Seattle arena, sources say.
No agreement signed, but one source describes deal as “1st and goal at 1.” Maloofs history of changing course late still makes many uneasy.
The Maloofs are expected to keep an extremely small percentage of team, but will have no real input or say in franchise, sources say.”
Earlier Wednesday morning, another Tweet was sent out by the daughter of an NBA player’s representative, stating that “So I hear that the Seattle Kings is officially a done deal! The Maloofs finally sold the ailing Sacramento team. #NBA”
The Tweet, sent out by Daina Falk, was soon deleted. However, the Tweet reignited a storm of rumors that the Kings would soon be moving.