Tagged: Sale of Sacramento Kings

NBA owners voted Wednesday to reject the Sacramento Kings' proposed move to Seattle. 

The 22-to-8 vote followed a recommendation made last month by the NBA's relocation committee and may have finally brought an end to an emotional saga that has dragged on for nearly three years.

"This was not an anti-Seattle vote; this was a pro-Sacramento vote," said NBA Commissioner David Stern.

With Sacramento Mayor Kevin Johnson already celebrating his city’s victory in the bid to keep the Kings in town, Chris Hansen and his Seattle-based investment group upped the ante on Friday.

Hansen said his group has raised the proposed purchase price for the franchise by $75 million, bringing the total to $625 million “in an effort to further demonstrate the extent of our commitment to bring basketball back.” The group also guaranteed to the league that the franchise would be a revenue sharing payer, Hansen said.

It appears there will be no professional basketball in Seattle this year.  

The NBA’s relocation committee has favored keeping the Kings franchise in Sacramento, turning down a bid to revive the Sonics. 

The unanimous vote leaves a number of questions about what happens next for investor Chris Hansen and his attempts to bring the Sonics back to Seattle.

The Maloof family is asking NBA owners to approve the sale of the Kings to a Seattle group, saying there is "significant distance between us and the Sacramento group."

In a letter sent to the NBA's relocation and finance committee, and obtained by The Associated Press on Friday, the Maloof family said the Sacramento group originally matched the $525 million valuation for the franchise that Chris Hansen negotiated. Hansen then increased the valuation offer to $550 million last week.

Why the delay? That’s what a lot of Sonics fans in Seattle are asking, after a meeting of NBA owners this week regarding the future of the Sacramento Kings.

Seattle and Sacramento groups made competing bids and NBA commissioner David Stern says it will likely take longer than expected to reach a decision. 

The agreement to sell the Sacramento Kings to a Seattle investment group - with the goal of moving the team to Seattle - is not a slam dunk. It still needs NBA approval. And momentum is growing in Sacramento to try to keep the Kings there.

KPLU sports commentator Art Thiel tries to clear up some of the confusion Seattle fans may have about what's going on.