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Report: Deal struck to sell Kings to Sacramento group

May 17, 2013, 1:55 AM EDT

Kings Sale Basketball AP

Just more than 24 hours after the NBA rejected a plan to move the Sacramento Kings to Seattle — essentially killing a sale of the team to a Seattle group — the Maloof family has reached a deal to sell the Kings to a Sacramento group that had put a counter offer before the league.

The deal was expected to be reached quickly and it is now done, reports the Sacramento Bee.

A Sacramento investors group has reached a deal with the Maloof family to buy the Kings for an NBA record valuation of $535 million, a source has told The Sacramento Bee.

That translates to a price of $347 million for the 65 percent of the team controlled by the Maloofs. The agreement, reached today, is expected to be announced sometime Friday. If the NBA approves the deal, escrow is expected to close at the end of May.

The Sacramento group was put together by the city’s Mayor Kevin Johnson and is led by billionaire Vivek Ranadive. The group has already purchased land and has plans for a new stadium in downtown Sacramento.

This is the culmination of a big win for Sacramento and a sticky mess for the NBA. The Maloof family had exhausted the good will they had built up in Sacramento in recent years and had almost single handedly killed a couple arena proposals to help keep the Kings in town. The family said the team was not for sale, until it was leaked the family had an agreement to sell the team to a Seattle group led by Chris Hansen.

That was a strong ownership group and offer from Seattle. Sacramento Mayor Johnson went to David Stern and basically asked, “What do I have to do to keep the team?” Stern laid out a long list that seemed hard to reach — put together a strong ownership group that could match the offer, come up with an arena plan and buy the land for it, and more. Credit Johnson and Sacramento, they got it done. And with that Seattle was on the outside because the advantage always belonged to the incumbent, even though that’s not what the investors and people of Seattle were sold.

But this is a day for celebrating in Sacramento — they get to keep their team. They get new owners that will help give them some direction on the court (we hope).

  1. adoombray - May 17, 2013 at 2:10 AM

    Haha. didn’t we nearly lose an entire season just a year ago because it’s so terrible to be an NBA owner? the worst team in the league not owned by Michael Jordan and you had two multi billionaire groups fighting tooth and nail over who got to spend more money on a franchise than anyone has ever spent. This will and should be brought up again the next CBA negotiations, because maybe it isn’t such a bad investment if all these smart, wealthy people, are lined up waiting to jump on the chance to buy into the league.

  2. thetooloftools - May 17, 2013 at 2:14 AM

    KJ.
    Really?
    Congrats !

  3. Mr. Wright 212 - May 17, 2013 at 3:13 AM

    Shady business here.

    • norcalkingsfan - May 17, 2013 at 3:47 AM

      The only people shady people involved in this whole situation were removed when franchise was sold. What we have here is just good ol’ fashion justice. Maloof free is the way to be.

      Bleed Purple

      • norcalkingsfan - May 17, 2013 at 3:48 AM

        wow…

        The only shady people involved in this whole situation were removed when the franchise was sold.*

      • jaerba - May 17, 2013 at 8:47 AM

        No, they bribed the other owners with their revenue sharing money. That is shady business, and the franchise is going to suffer for it.

        The ownership group has placed their bets on imaginary future revenue (without fully disclosing where it’ll come from) making up the difference, but that’s simply not realistic. It’s still going to have financial problems because of that and unless it completely turns around its success and fields a top-flight team, attendance is going to continue to dwindle and they’ll still be losing money. Do you know how often it helps to build a new stadium when the team continues to be bad? Not very often.

        In 10 years or less, we’ll be having the same discussion over again. Failing franchise that’s losing money, and owners who don’t want to/can’t afford to be a part of it anymore. The only difference is the citizens of Sacramento will be a few hundred million dollars poorer for the stadium.

        I don’t like moving teams, but Sacramento is not fertile grounds for a professional sports team, especially when the owners foolishly give up the money specifically meant to help underperforming franchises. Seattle has a much, much higher chance of being financially stable.

    • andrewproughcfe - May 17, 2013 at 8:17 AM

      Wow Seattle.

      First Stern steals your team.

      Then he uses you as leverage and toys with your emotions to pump up the price of the Kings a couple hundred more million (plus a new arena) for his billionaire pals.

      How much more of this abuse are you willing to take?

  4. halfbaht - May 17, 2013 at 3:16 AM

    Congrats to the city of Sacramento

  5. shaolin916 - May 17, 2013 at 5:19 AM

    Great day being a kings fan, the Maloof nightmare is finally over!

    I also feel bad for the seattle fans who bought their “we’re back!” shirts haha

    KingsAllDay!

  6. skaarjeff - May 17, 2013 at 5:46 AM

    This was all David Stern’s doing, He railroaded Seattle yet again. Stern influenced the vote and basically put together that deal. He should have stayed out of but his ego wouldn’t allow him to

  7. logisticalvoices - May 17, 2013 at 8:01 AM

    skaarjeff
    May 17, 2013, 5:46 AM EDT
    This was all David Stern’s doing, He railroaded Seattle yet again. Stern influenced the vote and basically put together that deal. He should have stayed out of but his ego wouldn’t allow him to.
    ————
    Is David Stern a absolute tool? Yes. But, nobody “railroaded” Seattle. You are implying that Seattle deserves the Kings and Sacramento doesn’t. That’s not true. You’re going to have to wait for expansion.

    Of course, if you want to blame anyone, blame yourself for not wanting to build an arena back in 2008 before your team split town.

    • dtoms - May 17, 2013 at 8:58 AM

      You don’t really know what happened in ’08, do you?

      • logisticalvoices - May 17, 2013 at 2:59 PM

        One of us doesn’t seem to know what they’re talking about. The thumbs are saying that it’s you.

  8. zillabeast - May 17, 2013 at 9:01 AM

    Screw Seattle. Congrats Sacramento fans!

  9. jrazz22 - May 17, 2013 at 10:22 AM

    May 17, 2013, 5:58 AM PDT
    You don’t really know what happened in ’08, do you?
    ——————————————————–
    We know that maybe Seattle residents should vote for officials that will actually represent their constituents properly. But then again it’s politics, you’re screwed no matter what. So maybe I don’t know what happened in ’08, will you please enlighten us?

    Sacramento deserved to keep their team, especially after what the city and the fans have been through with the Maloofs.

  10. harper2 - May 17, 2013 at 10:27 AM

    Game over, Sacramento wins with the upset.

  11. nomorsacbball - May 17, 2013 at 12:33 PM

    YES!! It’s finally over! no more magoofs! I’ve been waiting for this day for a long time. now all that’s left is to change my user name. lol!

  12. seahonky - May 17, 2013 at 12:36 PM

    Hansen should have bought the team, promise the city of Sacramento that he wasn’t going to relocate, and demand that the taxpayers of Sacramento pay for a $600 million arena. Then move the team out of the state when the taxpayers don’t agree to extortion. That’s what happened to Seattle in 2008 in a nutshell

  13. birdsflynorth206 - May 17, 2013 at 12:46 PM

    As a Kings fan who was born, raised and still lives in Seattle i don’t care who owns the team or what city they are in. All I know is the roster needs a major upgrade and Geoff Petrie and Keith Smart need to be shown the exit

  14. jonirocit - May 17, 2013 at 12:57 PM

    Now go get Phil

  15. titansbro - May 17, 2013 at 2:31 PM

    @ seahonky, straight truth. the nba, where shady business & officiating happens

  16. smcgaels1997 - May 17, 2013 at 6:14 PM

    Yeah real shady trying not to relocate a team, shame on the NBA that the Kings were sold for a record evaluation

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