A report on Yahoo! Sports says the owners of the Sacramento Kings have reached a deal with a Seattle-based investment group to move sell the NBA franchise and move it to KeyArena next season.
The deal is for a reported $500 million. The going rate for an NBA franchise is about $375 million to $400 million.
The sticking point in Sacramento is that the Maloof family has about a $70 million loan it still has to pay off to the City of Sacramento. In order for the Maloofs to sell, Hansen and his team would have to pay off that loan, so that’s why the price goes up.
A check of the KeyArena website show the fall schedule is wide open for an NBA team to move in. The report indicates the team would play there for two years before moving into a new arena.
A deal for an arena in Virginia Beach, Va., which was described as “hail mary” for the Maloofs to keep the franchise, fell through Tuesday.