Skip to content

Report: Deal struck to sell Kings to Sacramento group

May 17, 2013, 1:55 AM EST

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).

Latest Posts
  1. Andrea Bargnani out indefinitely after suffering calf strain

    Nov 23, 2014, 2:01 PM EST

    Andrea Bargnani Andrea Bargnani

    Bargnani was close to a return from his hamstring injury.

  2. Report: Free agent market for Jeff Green is as strong ‘if not stronger’ than it is for Rajon Rondo

    Nov 23, 2014, 11:00 AM EST

    Jeff Green Jeff Green

    Combination of a lower price tag and a more diverse overall skill set may explain why.

  3. Andrew Wiggins drops career high 29 on Sacramento (VIDEO)

    Nov 23, 2014, 9:30 AM EST

    Sacramento Kings v Minnesota Timberwolves Getty Images

    When he uses his athleticism to get to the rim good things happen.

  4. LeBron James: “We’re a very fragile team right now”

    Nov 23, 2014, 8:00 AM EST

    Toronto Raptors v Cleveland Cavaliers Getty Images

    “This is not even the lowest it’s going to get for us.” —LeBron James

  5. Anthony Davis goes off for 43 points (VIDEO)

    Nov 23, 2014, 1:04 AM EST

    Anthony Davis Anthony Davis

    There was nothing the Utah Jazz could do.

  6. Damian Lillard on flagrant foul from Bulls’ Mike Dunleavy: ‘It was a cheap play’

    Nov 22, 2014, 8:30 PM EST

    Chicago Bulls v Portland Trail Blazers Chicago Bulls v Portland Trail Blazers

    Dunleavy says he was just trying to foul to stop the clock. Watch and decide for yourself.

  7. Dwight Howard out vs. Mavericks Saturday, no timetable for his return

    Nov 22, 2014, 7:06 PM EST

    San Antonio Spurs v Houston Rockets San Antonio Spurs v Houston Rockets

    With him and starting power forward Terrence Jones out, the Rockets are very thin up front.

  8. Brandon Jennings on reason for Pistons’ offensive woes: ‘We don’t shoot in practice’

    Nov 22, 2014, 6:30 PM EST

    Brandon Jennings AP

    Detroit is next to last in field goal percentage on the season.

  9. NBA corrects scoring error from Raptors’ win over Bucks

    Nov 22, 2014, 5:00 PM EST

    Milwaukee Bucks v Brooklyn Nets Getty Images

    Toronto won by 42 points, so this only matters if you had a certain Milwaukee player on your fantasy team.

  10. If Derrick Rose not ready to return by Monday Bulls may add point guard to roster

    Nov 22, 2014, 3:30 PM EST

    US-BKN-NBA-BULLS-CLIPPERS US-BKN-NBA-BULLS-CLIPPERS

    Mike James or Will Bynum could be added to the roster for a short stint.

  11. Eric Bledsoe on flagrant foul he took from Nerlens Noel: ‘They did it on purpose’

    Nov 22, 2014, 2:00 PM EST

    Phoenix Suns v Philadelphia 76ers Phoenix Suns v Philadelphia 76ers

    Bledsoe says the Sixers warned him before the game that he would be targeted for his previous comments.

Featured video

Can Rockets, Grizzlies keep up hot starts?
Top 10 NBA Player Searches
  1. D. Rose (8742)
  2. D. Wade (8175)
  3. K. Durant (7216)
  4. P. Gasol (6383)
  5. R. Westbrook (6013)
  1. T. Jones (5902)
  2. O. Asik (5582)
  3. D. Howard (5423)
  4. D. Lee (5264)
  5. R. Gay (5199)