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).
Aug 20, 2014, 12:01 AM EDT
Bryant appears on latest Sports Illustrated cover.
Aug 19, 2014, 10:29 PM EDT
Highlights only serve as a reminder of just how bad things were in Los Angeles.
Aug 19, 2014, 8:57 PM EDT
Derrick Rose, not so much.
Report: Agent for Greg Monroe pursued sign-and-trade deals with five teams, including Thunder and Blazers
Aug 19, 2014, 7:21 PM EDT
Monroe will sign qualifying off with Pistons if no deal is in place by Oct. 1.
Aug 19, 2014, 6:00 PM EDT
Bonner now drives a 2014 Chevy Impala.
Aug 19, 2014, 5:00 PM EDT
I would pay good money to see this, even though I wouldn’t understand a word.
Aug 19, 2014, 4:01 PM EDT
I think the Pelicans are a playoff team next season.
Aug 19, 2014, 3:18 PM EDT
He’s fine, it’s just precautionary.
Aug 19, 2014, 2:59 PM EDT
I wouldn’t be shocked if this happened. Eventually.
Aug 19, 2014, 2:24 PM EDT
He’s 74, seems like a good time to hang it up.
Aug 19, 2014, 1:43 PM EDT
Derrick Rose had another light day.
Aug 19, 2014, 1:10 PM EDT
Ballmer sounded a little raspy and hoarse while on the Dan Patrick show Tuesday. Wonder why?
Aug 19, 2014, 12:43 PM EDT
From the outside looking in, it seems three spots will be divided between Mason Plumlee, Andre Drummond, Chandler Parsons, Gordon Hayward and Kyle Korver.
Aug 19, 2014, 12:24 PM EDT
They need him healthy this season, same with Deron Williams.
Aug 19, 2014, 11:17 AM EDT
The myth of Kobe Bryant continues to grow.
Aug 19, 2014, 10:34 AM EDT
This is likely a camp contract.
Aug 19, 2014, 9:58 AM EDT
Aug 19, 2014, 9:21 AM EDT
Harden is far from the first player to make this declaration.
Aug 19, 2014, 8:44 AM EDT
This is cool. Maybe not so practical, but cool.
Aug 19, 2014, 8:00 AM EDT
He’s a pick-and-pop big some team may want off their bench.
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