Seattle group signs deal for the Kings

A Seattle-based investment group led by hedge fund manager Chris Hansen has signed a binding agreement to buy a controlling interest in the Sacramento Kings basketball team, paving the way for a return of professional basketball to a city still pining for the loss of its SuperSonics in 2008.

Terms of the deal, announced by Hansen's group and confirmed on Monday by the National Basketball Association, were not disclosed. The NBA must approve the deal and that could take several months.

Hansen's group, which includes Microsoft Corp Chief Executive Steve Ballmer, has city council approval to build a new $490 million arena near the waterfront south of downtown Seattle, although that plan still faces opposition from the city's port authority.