NEW YORK – NBA commissioner David Stern said Wednesday night that the group that has reached agreement to purchase the Sacramento Kings has formally filed to relocate the franchise to Seattle.
Stern spoke in Minneapolis before the Timberwolves hosted San Antonio. He called the Seattle group, led by Chris Hansen and Steve Ballmer, “very strong,” and said the appropriate committees have been convened to look over the proposed sale of the Kings and the prospective move to Seattle.
“We have had submitted a signed agreement to have the team sold to a very strong group from Seattle,” Stern said.
The deadline for teams to file for relocation is March 1.
Hansen’s group reached agreement with the Maloof family last month to buy 65 percent of the franchise, which is valued at $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 Kings’ sale price of $525 million would surpass the NBA record $450 million the Golden State Warriors sold for in 2010.