Updated: 10:08 p.m.
The National Basketball Association has confirmed it has received an offer from a Seattle investor group to buy the Sacramento Kings.
A spokesman for Kings majority owners, the Maloof family, has released the following statement on behalf of billionaire, Chris Hansen: "We are happy to announce that we have entered into a binding agreement with the Maloofs to purchase a controlling interest in the Sacramento Kings NBA franchise. The sale is obviously subject to approval by the NBA Board of Governors, and we look forward to working with the League in the coming months to consummate the transaction."
Hansen says he and the Maloofs will not discuss the terms of the transaction or plans for the franchise. But, Hansen's ownership group was put together to buy a team and move it to Seattle.
Sacramento Mayor Kevin Johnson has already been working to find an ownership group that would keep the team in Sacramento. Because there would be no moving fee, the new owners could buy the team for a $100 million less than the offer coming from Seattle. Advisors to the Mayor have confirmed that Mark Mastrov and Ron Burkle have been in talks with the City of Sacramento to buy the team.
Johnson has received permission to make Sacramento's case to keep the team before the NBA Board of Governors' meeting in April.
A statement released by the Mayor's office says an ownership group approved by the City will have both have the financial resources desired by the NBA and the vision to make the Kings the NBA equivalent of what the Green Bay Packers have been in the NFL.
NBA.com story: Report: Maloofs sell Kings to Seattle group
Sacramento Bee story: Sacramento Kings, NBA announce deal to sell to Seattle
Seattle Times story: Sale of Sacramento Kings to Chris Hansen's group officially announced
Sports Press NW story: Maloofs Agree to Sell Team to Hansen
Art Theil column at Sports Press NW: The Guilty Pleasure of the Return of the NBA