Sacramento Kings Finally Getting New Owners

It's a story that has been building for some time now, but it appears as if it is finally going to come to an end in the near future. The Maloof's, owners of the Sacramento Kings, have come to an agreement with a Seattle-based group led by Chris Hansen to sell the Sacramento Kings.

The deal is said to be valued at $525 million and for 65 percent of the team, the shares that the Maloofs held and those of one of the minority owners. Sacramento mayor Kevin Johnson did his best to try and save the team, but he couldn't get a plan together over the last year to fund a new arena and could not find a local group that was willing to buy the team.

Assuming the other owners rubber-stamp the sale as expected this will be the sixth city for the franchise; the first five were Rochester, Cincinnati, Kansas City, Omaha, and Sacramento. Hansen will be expected to fill out the relocation paperwork and have that ready for approval asap so that the team can head north to Seattle for the start of the 2013-14 season.

This is not confirmed, but rumor has it that Phil Jackson could be in the front office for the Kings, but that he is not going to be coaching.