NBA Commissioner David Stern has not seen any formal sales and purchase agreement filed to the league on behalf of Sacramento or Seattle, according to Ryan Lillis of the Sacramento Bee.
Before any potential sale of the Sacramento Kings to a Seattle-based group could take place, the involved parties would have to first get approval from the league. The fact that no such paperwork has been filed indicates that a deal may not be as imminent as some reports are indicating.
The Kings’ owners, Joe and Gavin Maloof are poised to sell the team amidst financial troubles stemming from debts owed to both the league and their own failed business ventures, the Palms hotel and casino in Las Vegas being the most notable. The city of Sacramento has restlessly tried to keep its only professional sports team in town as the Maloofs have continually toyed with the idea of selling the franchise.
The Maloofs became minority owners of the Kings in 1998 and majority owners the next season. Beginning in the lockout-shortened 1998-99 season, the Kings made eight straight playoff appearances, going as far as the Western Conference finals in 2001-02 before losing to the Los Angeles Lakers in seven games.