NBA Notebook: Maloofs agree to sell Kings to Seattle group
By The Associated Press
Published: Monday, January 21, 2013, 11:19 a.m.
Updated: Tuesday, January 22, 2013
SEATTLE — Nearly five years after their colors, banners and history were packed away into storage and their franchise relocated, the SuperSonics are one significant step closer to returning to Seattle.
And the Kings are on the edge of leaving Sacramento.
All that appears to stand in the way is approval by NBA owners.
The Maloof family has agreed to sell the Kings to a Seattle group led by investor Chris Hansen, the league confirmed in a statement Monday morning. The deal is still pending a vote by the NBA Board of Governors.
A person familiar with the decision said that Hansen's group will buy 65 percent of the franchise, which is valued at a total price of $525 million, and move the team to Seattle and restore the SuperSonics name. The deal will cost the Hansen group a little more than $340 million. The Maloofs will have no stake in the team.
The person spoke to The Associated Press on condition of anonymity because the deal was waiting approval.
The sale figure works off a total valuation of the franchise, which includes relocation fees. Hansen's group also is hoping to buy out other minority investors.
The Maloofs will get a $30 million non-refundable down payment by Feb. 1, according to the deal, the person said. They will still be allowed to receive other offers until the league approves the sale. The Kings sale price of $525 would surpass the NBA record $450 million the Golden State Warriors sold for in 2010.
The plan by Hansen's group is to have the team play at least the next two seasons in KeyArena before moving into a new facility in downtown Seattle. The deadline for teams to apply for a move for next season is March 1. The office of Seattle Mayor Mike McGinn confirmed Monday it is already working with Hansen on an agreement for using KeyArena, including scheduling and short-term upgrades to the arena.
Momentum was building toward a sale agreement after word of talks between Hansen and the Maloofs leaked nearly two weeks ago.
Cavaliers' Varejao done for season
Anderson Varejao's season rapidly spiraled from a probable All-Star appearance to over.
The Cavaliers' hustling center, who led the NBA in rebounding before he went down last month with what appeared to be nothing more than a bruised knee, remained hospitalized Monday with a blood clot in his lower right lung, a health scare that will force him to miss the rest of this season.
Varejao, who underwent surgery on a torn leg muscle on Jan. 10, has been at The Cleveland Clinic since last Thursday. The Cavs said he will likely remain in the hospital for several more days as he receives treatment. Varejao is expected to make a full recovery, but he will remain on blood thinning medications for at least three months, the team said Monday.
The loss of the 6-foot-11 Varejao is a crushing blow to the young Cavs, who are just 10-32.
Hawks sign Pargo to 10-day contract
The Atlanta Hawks signed guard Jannero Pargo to a 10-day contract before facing the Minnesota Timberwolves on Monday.
Injuries have depleted Atlanta's roster at guard with Lou Williams out the season and Devin Harris nursing a sprained left ankle.
Rookie John Jenkins made his first career start as guards DeShawn Stevenson (right knee) and Anthony Morrow (back) were game-time decisions.
Hornets rookie Anthony Davis hurt against Kings
New Orleans Hornets rookie forward Anthony Davis injured his left ankle and sat out the second half Monday against Sacramento.
Davis scored 11 points on 5-of-7 shooting and had six rebounds in the first half when the Hornets took a 64-39 lead. It was unclear when the injury occurred, but Davis limped to the locker room at the break.
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