Report: Kings May Be Sold, Moved to Seattle

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SEATTLE - Yahoo! Sports is reporting that the Sacramento Kings are on the verge of being sold to a group of Seattle investors.

The group, led by businessman Chris Hansen, would relocate the Kings to Seattle before next season. They would play at the Key Arena for two years while a new arena is built.

Hansen has contacted the Maloof family, and begun negotiations to buy the team for over $500 million dollars.

One source told Adrian Wojnarowski of Yahoo! Sports that the negotiations are not done, but it's "First and goal on the one yard line."

Sacramento mayor, Kevin Johnson, took the report as good news for his city. The Maloofs have long denied any interest in selling the NBA franchise. Johnson says he has been in contact with some local investors who are interested in buying the Kings and keeping them in Sacramento.

The Kings owners had agreed on a deal to build a new downtown arena in Sacramento last year, but pulled out of it a few weeks later. Johnson said that deal is still on the table for the Maloofs, or a new ownership group.