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Sacramento Kings May Be Sold

The Maloof family that owns the Sacramento Kings has reached a purchase agreement to sell a 65 percent controlling interest in the franchise to a Seattle group led by Chris Hansen and Steve Ballmer.

NBA teams were formally notified Sunday night that the Kings have been valued at $525 million and that the parties have executed a purchase agreement, which still requires league approval.

Sacramento Mayor Kevin Johnson said last week he had received permission from NBA Commissioner David Stern to present a counteroffer to league owners from buyers who would keep the Kings in Sacramento.

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