May 17, 2013, 1:55 AM EDT
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).
Jul 12, 2014, 6:00 PM EDT
Wade releases a statement supporting LeBron’s decision to leave the Heat for the Cavaliers.
Jul 12, 2014, 4:30 PM EDT
Irving also eligible for full 30 percent on Derrick Rose rule
Jul 12, 2014, 2:59 PM EDT
Is the best option to do nothing and be patient?
Jul 12, 2014, 1:42 PM EDT
He shot 45.1 percent from three last season.
Jul 12, 2014, 1:27 PM EDT
His other suitors have moved on.
Jul 12, 2014, 12:45 PM EDT
A lineup of Norris Cole, Dwyane Wade, Luol Deng, Josh McRoberts and Chris Bosh would be entertaining.
Jul 12, 2014, 11:13 AM EDT
This played out as expected.
Jul 12, 2014, 11:00 AM EDT
The NBA has simplified signing first-round picks. This case fell through the cracks.
Jul 12, 2014, 9:30 AM EDT
Like with fans, there was some surprise and a lot of nods from NBA players on twitter.
Jul 12, 2014, 8:00 AM EDT
LeBron returns to Cleveland a fully realized player.
Jul 12, 2014, 1:11 AM EDT
Two teams near the top of their conference could get a lot better if they land him.
Jul 12, 2014, 12:10 AM EDT
Carter will likely replace Mike Miller, who might be Cleveland-bound to play with LeBron James
Jul 11, 2014, 11:28 PM EDT
Bucks-Cavaliers was by far the main event of the first day of Summer League action in Las Vegas.
Jul 11, 2014, 10:52 PM EDT
Bazemore join’s Atlanta’s crowded wing rotation
Jul 11, 2014, 10:33 PM EDT
If you’re betting on the Cavaliers to win the title next season
Jul 11, 2014, 9:39 PM EDT
“To say that I’m excited and happy would probably qualify as one of the great understatements of the millennium,” Blatt said.
Jul 11, 2014, 8:42 PM EDT
Odom had fully unguaranteed contract
Jul 11, 2014, 8:15 PM EDT
“It is almost enough to make a Clevelander cry.”
Knicks coach Derek Fisher reflects on LeBron’s decision, while still waiting for Carmelo Anthony to make his
Jul 11, 2014, 7:45 PM EDT
Fisher talks LeBron, Carmelo after a successful Summer League debut coaching the Knicks.
Jul 11, 2014, 7:08 PM EDT
He handles it with class. What else did you expect?
- LeBron returns to Cleveland a more efficient, mature player that can take team further 31
- Andrew Wiggins, Jabari Parker shine in head-to-head Summer League matchup 19
- Posnanski: LeBron James proves he’s a true Clevelander 57
- Report: Isaiah Thomas headed to Phoenix Suns in a sign-and-trade 40
- Report: Chris Bosh re-signing with Heat over joining Rockets 89
- Report: Heat offer Chris Bosh full max contract to keep him from Rockets 26
- PBT Extra: LeBron James returns to Cleveland to try and cement legacy 18
- Deal set: Lakers trade for Jeremy Lin, which for L.A. is largely about draft pick (as is Gasol for Boozer idea) 38