A sale of the Sacramento Kings to a group that would move them to Seattle appears to be done and could be finalized soon, two sources told The Seattle Times Sunday night.
An announcement was expected as early as Monday morning.
Many other outlets also reported the sale, including The Sacramento Bee, ESPN.com, NBCSports.com and Yahoo.com.
Reports stated 65 percent of the Kings will be sold to a group led by Chris Hansen and Microsoft CEO Steve Ballmer, and if approved by the NBA, the team would begin playing in Seattle's KeyArena next season.
The sale would include a 53 percent share held by the current controlling owners of the Kings, the Maloof family, and a 12 percent share held by minority owner Bob Hernreich. Hansen's group and the Maloofs have been negotiating for several weeks.
ESPN.com reported that other NBA teams were "formally notified Sunday night of the deal.''
ESPN.com also reported that Hansen's group will give the Maloofs a nonrefundable deposit of $30 million by Feb. 1. ESPN.com reported that the Maloofs may retain "a small piece'' of the team. The remaining 35 percent of the team could remain in the hands of the current minority shareholders.
The sale still needs approval by the NBA's Board of Governors in New York in mid-April.
But Yahoo.com reported that would be "a formality'' and also said a source with the NBA's relocation committee expected overwhelming approval.
The team would likely play in KeyArena for two years while a proposed arena in the Sodo District is constructed.
An investment group led by Hansen finalized a deal with Seattle and King County in October to build a $490 million sports and entertainment venue in the Sodo neighborhood with $200 million in public money to be repaid through revenue generated by the facility. Two lawsuits are challenging the financing and the location.
ESPN.com confirmed earlier reports that the team had a set value of $525 million. Hansen's group would purchase 65 percent, paying roughly $340 million, according to various reports.
Reports: Kings to Seattle done deal
Seattle Times | Jan 21