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Burkle meets with Stern in latest pursuit of Kings

Published on NewsOK Modified: January 25, 2013 at 9:39 pm •  Published: January 25, 2013

The Maloof family has a pending purchase agreement that will give the Hansen-Ballmer group a 65 percent controlling interests in the franchise, which has a total valuation of $525 million, and move the team to Seattle and restore the SuperSonics name, another person familiar with the decision said earlier this week. That means the group will pay a little more than $340 million.

The person spoke on condition of anonymity because the deal is waiting to be approved. Hansen's group also is hoping to buy out other minority investors.

The main stipulation Johnson is counting on is that the Maloofs are still allowed to receive other offers until the league approves the sale, which the mayor expects to take until at least April, when owners meet in New York. The deadline for teams to file for relocation for next season is March 1, though that has been extended the last two years for the Kings.

NBA owners also can approve the sale at any time once the vetting process is complete.