Microsoft's Ballmer, group to pay $615m for NBA's Kings
SEATTLE (REUTERS) - A group of investors including Microsoft CEO Steve Ballmer and hedge fund manager Chris Hansen is close to a deal to buy the Sacramento Kings professional basketball team for US$500 million (S$615 million) and move the National Basketball Association (NBA) franchise to Seattle, Yahoo Sports reported on Wednesday.
The Maloof family is close to agreeing to sell the Kings to the Ballmer group, which hopes to move the franchise to Seattle in time for the 2013-2014 season, Yahoo Sports cited league sources as saying. Reuters could not immediately confirm the accuracy of the report.
As part of the proposed deal, the Kings would play for two seasons in KeyArena - the former stomping grounds of the Seattle Supersonics - before moving into a new facility built with the help of a public financing deal already in place, Yahoo reported.
Mr Ballmer, the NBA and representatives for Mr Hansen all declined to comment.