Stern Announces Seattle Group Has Filed to Relocate the Kings
(NEW YORK) -- NBA Commissioner David Stern announced Wednesday that the Seattle group led by Chris Hansen and Steve Ballmer, who reached an agreement to purchase the Sacramento Kings, has formally filed with the league to relocate the Kings to Seattle.
The Seattle application is to play in Key Arena (the old home of the Seattle Supersonics), where they would play for "two years possibly three," Stern said in Minneapolis before a game between the Timberwolves and Spurs. "There is no final approval with respect to a new building in Seattle but events are well under way moving in that direction."
Despite the fact that the Kings' current sale price of $525 million would be an NBA record, Sacramento mayor Kevin Johnson is trying to find investors to match the price and keep the Kings in Sacramento.
"The mayor of Sacramento has advised that he will be back to us soon with a proposal from a group to buy the team in Sacramento...and build a building in Sacramento...with a substantial subsidy from the city of Sacramento," Stern said.
The commissioner said it will take a majority approval of the Board of Governors to relocate the franchise and a three-fourths majority to approve the sale of the franchise.
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