LeBron James won't be buying the Sacramento Kings after all. The Maloof brothers reportedly have agreed to sell their 65 percent majority share of the franchise to an investment group in Seattle. The valuation of the franchise, including relocations fees: a cool $525 million.
Considering the Maloofs bought the team nearly two decades ago for $210 million, they're getting a good return on their investment. The selling price of the team, which was considered one of the least valuable in the league, got James thinking. He posted this message on Twitter:
The Kings' move to Seattle isn't a done deal. Owners around the league still have to approve the move. That seems like a formality at this point, though. With current contracts of the NBA's major television deals coming to an end in 2016, it is believed that the addition of the Seattle area in the next round of negotiations would raise the value of the NBA's media rights significantly. And let's not forget, each owner around the league is set to pocket at least $1 million when the deal goes through thanks to a relocation fee the Seattle group would have to pay the NBA to move the Kings.