The
Kings will stay in Sacramento rather than move to Seattle after the NBA ruled
that the team should remain where they are.
The
decision brings to an end a saga which began in January when the family of
George Maloof, which owns a majority interest in the team, looked at the
possibility of moving the team to Seattle after failing to persuade the city of
Sacramento to build a new arena.
The
Maloofs reached a deal to sell the team to a local investment group led by
Seattle hedge fund manager Chris Hansen. The city of Seattle has been without
its own basketball team since the SuperSonics moved to Oklahoma City in 2008.
However,
the mayor of Sacramento, Kevin Johnson, vowed to start a campaign to keep the
Kings in California’s capital and he put together a team that promised to match
Hansen's bid. The group also persuaded the city council to back a proposal for
a new $450million arena.
NBA
Commissioner David Stern is pleased that a resolution has been found, saying to
NBA betting news reporters: "It's nice to see
two great cities so interested in an NBA franchise, but the winner here is
Sacramento.
“It
is my expectation that we will now be able to reach a deal with the Maloofs.”
Last month, a committee
of NBA owners voted that the team should stay in Sacramento, but Hansen vowed
to fight on, raising his bid for a controlling interest in the Kings to
$406million, which valued the team at $625million. Punters who bet on NBA always favoured the status quo, which is how it has prevailed.
Meanwhile,
Johnson believes the construction of a new arena will create jobs and provide
more economic development opportunities for Sacramento but accepts that Seattle
deserves a team of its own, saying: "They know what it feels like to lose
a team. We just don't want that to happen to us."















