May 17, 2013, 1:55 AM EST
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).
Dec 12, 2013, 9:41 PM EST
NEW YORK – Deron Williams began the night by falling to the floor after being victimized by a crossover from Chris Paul. The fact that he stepped on the foot of teammate Brook Lopez was what ultimately caused him to crumble, but Paul’s action at least sent Williams sliding in that direction. In the second…
Dec 12, 2013, 8:30 PM EST
After trying to play through it for a month and it not really working, Golden State’s Jermaine O’Neal is going to have surgery to repair the torn ligaments on the outside of his right wrist, the team announced Thursday. 1 of 2) @jermaineoneal will undergo arthroscopic surgery tomorrow to address a torn ligament in his…
Dec 12, 2013, 5:45 PM EST
We don’t need to tell you the Pacers are doing just fine without Danny Granger — they have the best record in the NBA (19-3) and knocked off the Miami Heat this week. Yet with Granger, they either will improve or they will have a potential trade piece to shop around at the deadline (or…
Dec 12, 2013, 4:43 PM EST
The Lakers, already without Steve Nash and Jordan Farmar due to injuries, will now be without Steve Blake until likely the start of February at least. Blake has a torn ulnar ligament in his right elbow at least six weeks, the Lakers announced. Speaking with the media, Blake said if he were a baseball player…
Dec 12, 2013, 3:25 PM EST
Glen Davis, even down to the lowest weight of his career, is big. After games, he’s big and sweaty. So, FOX Sports Florida’s Dante Marchitelli faced quite the challenge of staying focused during this, literally, touching interview. That man deserves a raise! Marchitelli, not Davis. Davis is paid just fine, and at least it’s his…
Dec 12, 2013, 3:05 PM EST
The Nets and Knicks have been the NBA’s two most underwhelming teams this season, but some statistical models predicted New York would slip. Few, if any, expected Brooklyn to struggle like this. From afar, I recognize Brooklyn’s troubles, but like most, I’m mostly numb to them. That’s certainly not the case for Kevin Garnett certainly,…
Dec 12, 2013, 2:33 PM EST
Rajon Rondo’s high school coach said Carmelo Anthony was recruiting Rondo, a 2015 free agent, to New York. As Kurt wrote, those types of conversations happen all the time. Of course, nobody publicly admits to them while they’re ongoing (except Chandler Parsons, who bragged about recruiting Dwight Howard to the Rockets). Anthony, via Ian Begley…
Dec 12, 2013, 2:32 PM EST
The Knicks need help on offense — a shot creator besides Carmelo Anthony — and they are looking at another point guard to get it. Multiple reports say the Knicks are now talking with the Toronto Raptors about getting Kyle Lowry, who became available when the Raptors picked up Greivis Vasquez in the Rudy Gay…
Dec 12, 2013, 2:00 PM EST
Tom Thibodeau is represented by Creative Artists Agency. We have to start there. CAA and the Knicks enjoy an extremely harmonious relationship. The Knicks actually made Mike Woodson fire his agent and retain CAA, according to Howard Beck of Bleacher/Report. Ken Berger of CBSSports.com: Once Woodson switches his representation to CAA, the agency will control…
Dec 12, 2013, 1:58 PM EST
It’s your game fans. The NBA All-Star Game is an exhibition filled with the players you vote to see. Whether those players deserve the honor based on their performance the first half of the season or not. Sometimes the most deserving guys don’t make the cut while guys hobbling through the season do. Which brings…
Dec 12, 2013, 1:25 PM EST
We present this to you with very little commentary on our part. Jim Brown is an NFL legend and an outspoken man about the African American community and how it fits in with overall American society. Brown was on the Arsenio Hall Show on Tuesday night and was asked to comment about Kobe Bryant’s return…
Dec 12, 2013, 12:35 PM EST
A lot of players have friends or family in the Los Angeles area (a shocking number live there in the off-season), so when they come to play the Lakers or Clippers they are looking to buy a few extra tickets to get those people in the door. There is always a scramble. Rudy Gay is…
Dec 12, 2013, 11:36 AM EST
It’s not that Brandon Jennings can’t play defense. He can. If you remember Jennings from the first couple seasons he was a solid defender on the perimeter. But that has changed over the years — he doesn’t seem to care about that end of the floor now, save for gambling for steals. He shows flashes,…
Dec 12, 2013, 10:56 AM EST
Zach Randolph has had his fair share of off-the-court issues over the years, but this is also a guy who gives back. He won the NBA’s Community Assist award for November for example: “As a part of the NBA’s Season of Giving, Randolph distributed 900 Thanksgiving food baskets at Booker T. Washington High School and…
Dec 12, 2013, 10:18 AM EST
The Knicks got an important victory on Wednesday over an undermanned Bulls team, because despite the fact that New York blew a 23-point lead before hanging on to win over the final few possessions, it relieved some of the pressure on head coach Mike Woodson. New York has been without key players due to injury…
Dec 12, 2013, 9:42 AM EST
The shoes worn by Michael Jordan in Game 5 of the 1997 NBA Finals — the legendary “flu game” — have sold for a record price at auction. The red and black Jordan 12s went for an astonishing $104,765, shattering the previous high paid for a pair of game-worn shoes in any sport. ESPN.com has…
Dec 12, 2013, 9:04 AM EST
Knicks fans could use a positive, and while their team gave up a 23-point lead to a team missing pretty much every player you can name, the bottom line is the Knicks made some plays and got a win. They even had a couple highlights, like this one from J.R. Smith who looked like his…
Dec 12, 2013, 8:00 AM EST
By D.J. Foster All over the league, we’ve seen young teams fighting against the tank. If the playoffs started today, the Boston Celtics and Phoenix Suns would be in the playoffs. This was unfathomable a few months ago. It wasn’t just about their rosters being bad – they were supposed to be bad. The Milwaukee…
Dec 12, 2013, 2:21 AM EST
Our quick look around the association on a busy Wednesday night. Amar’e Stoudemire, New York Knicks. Stoudemire played 30 minutes. Stoudemire was clutch, hitting a key jumper with less than 3 minutes to go after the Bulls had stormed from 23 points back to tie the game. Stoudemire played good interior defense. Stoudemire showed a…
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