Microsoft Chairman Led Seattle Group in Negotiations to Buy Sacramento Kings

Seattle may have an NBA franchise returning to its borders after a Seattle based group led by hedge fund manager Chris Hansen and Microsoft chairman Steve Ballmer have been revealed to be in negotiations to buy the Sacramento Kings.

If the deal is completed, the Maloofs who have a history of backing out of deals that appeared to be done before may retain a small percentage of ownership and the team would be called the Sonics.This deal is not done, however, and there are no immediate indications of a timeline for possible completion.

Yahoo! Sports first reported on Wednesday morning that the Hansen-Ballmer group was finalizing a deal to buy the team for $500 million and that the first two seasons would be played in Seattle’s Key Arena before a new arena is built.

The Maloofs released a statement via family spokesman Eric Rose: “As we have said for nearly a year, we have been contacted by several cities and parties interested in the Sacramento Kings organization. The announcement yesterday from Virginia Beach does not change our long-held position that we will not comment on rumors or speculation about the franchise.”

The Kings have been a part of the league since the beginning. In 1949 the franchise, which was located in Rochester, New York, was one of 17 charter members of the new league that was created by the merger of the Basketball Association of America and the National Basketball League.