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The remaining $200 million in public financing would be paid back with rent money and admissions taxes from the arena, and if that money falls short, Hansen would be responsible for making up the rest.

Other investors in the proposed arena include Microsoft Chief Executive Steve Ballmer and two members of the Nordstrom department store family.

Hansen’s goal has been to return the SuperSonics to the Puget Sound after they were moved from Seattle to Oklahoma City in 2008.

Asked in September if he could envision a team being in Seattle for the 2013 season, Hansen was cautious about finding an option that quickly.

The Kings‘ sale price would top the NBA-record $450 million the Golden State Warriors sold for in July 2010.

The Maloofs backed out of a tentative $391 million deal for a new downtown arena with Sacramento last year, reigniting fears the franchise could relocate.

Johnson and the Kings broke off all negotiations in the summer with the team’s owners, who said the deal didn’t make financial sense for the franchise.

In 2011, the Kings appeared determined to move to Anaheim before Johnson convinced the NBA to give the city one last chance to help finance an arena.

At one point, Johnson seemed so certain the team was gone he called the process a “slow death” and compared the city’s efforts to keep the Kings a “Hail Mary.”

Johnson made a pitch to the NBA Board of Governors in April 2011, promising league owners the city would find a way to help finance a new arena to replace the team’s current outdated suburban facility. That pitch bought the Kings time, before the brokered deal between the city and the Maloofs fell apart last year.

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AP Sports Writer Bernie Wilson contributed to this story.

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Antonio Gonzalez can be reached at: www.twitter.com/agonzalezAP