Seattle investors to buy NBA’s Kings

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Seattle investors to buy NBA’s Kings

SEATTLE - A Seattle-based investment group led by hedge fund manager Chris Hansen has signed a binding agreement to buy a controlling interest in the Sacramento Kings basketball team, paving the way for a return of professional basketball to a city still smarting from the loss of its SuperSonics in 2008.

Terms of the deal announced Monday were not disclosed. The NBA must approve the deal and that could take several months.

Hansen’s group, which includes Microsoft Corp Chief Executive Steve Ballmer, has city council approval to build a $490 million arena.

Seattle sports fans can still be spotted wearing the green and yellow of the SuperSonics - founded in 1967 and champions of the NBA in 1979 - even after the team moved to Oklahoma City to become the Thunder.

Reuters
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