A Seattle-based group of investors led by hedge fund manager Chris Hansen said that it had sealed a binding deal to take a 65% stake in Sacramento Kings Limited Partnership LP, the owner and operator of the Sacramento Kings professional basketball team.
The investors, which include Microsoft Corp (NASDAQ:MSFT) CEO Steve Ballmer, are buying 53% of the target from the Maloof family, which will preserve a small interest in the team. The remaining 12% will be acquired from another minority owner.
Financial details of the transaction, which was also confirmed by the target, the Maloofs and the US National Basketball Association (NBA), were not revealed. According to reports, the deal could be worth some USD340m (EUR254.4m).
Hansen said that he could not comment on the future plans of his group about the franchise as the deal was still pending approval by NBA’s board of governors. Yet, it is believed that the investor would move the team to Seattle and rename them the SuperSonics, which is the name of the basketball team that was founded in 1967 and was moved in 2008 to Oklahoma City assuming the name Thunder.