NBA receives Purchase and Sale Agreement for the Kings deal
On Monday morning, following reports that the Kings sale was finalized over the weekend, the NBA released the following statement about the deal:
"The NBA received an executed Purchase and Sale Agreement for the transfer of a controlling interest in the Sacramento Kings from the Maloof family to an investor group led by Christopher Hansen. The proposed transaction is subject to the approval of the NBA Board of Governors and has been referred to the Board's committee process for review."
It's expected that the Hansen-Ballmer group will file for relocation to Seattle before the March 1 deadline, and the NBA Board of Governors would consider the bid sometime in April.
Sacramento Mayor Kevin Johnson, former NBA All-Star for the Phoenix Suns, will be given another opportunity at the Board of Governors meeting to keep the Kings in Sacramento. Johnson has been organizing an ownership group intended to make a counteroffer that would convince the NBA to deny the relocation request.