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).
Sep 16, 2014, 5:59 PM EDT
Guaranteed Duncan likes this better than another trip to the All-Star Game.
Sep 16, 2014, 5:20 PM EDT
Half his salary the first year is guaranteed, a sign he is expected to make the final roster.
Sep 16, 2014, 4:40 PM EDT
We’re sorry to do this to you.
Sep 16, 2014, 4:19 PM EDT
The guaranteed deal is huge but the Wolves are deep at the three. He’ll struggle to get minutes.
Sep 16, 2014, 3:17 PM EDT
Orlando also announces signing of Peyton Siva
Sep 16, 2014, 2:33 PM EDT
Stojakovic’s 3-point bombing made Sacramento better for quite some time
Sep 16, 2014, 1:50 PM EDT
Kirilenko played by far career-low 19 minutes per game last season
Sep 16, 2014, 1:11 PM EDT
Will the Suns take advantage?
Sep 16, 2014, 12:33 PM EDT
Mavericks star could help Germany qualify for 2016 Olympics
Sep 16, 2014, 11:44 AM EDT
No. 1 and No. 2 picks in the NBA draft square off against each other, expectations
Sep 16, 2014, 11:00 AM EDT
Williams, who plays both forward positions, now favorite to replace Josh McRoberts in starting lineup
Sep 16, 2014, 10:00 AM EDT
Plenty of changes, but enough to make the playoffs?
Sep 16, 2014, 9:30 AM EDT
San Antonio already has 17 players, qualifying offer out to Baynes
Sep 16, 2014, 9:00 AM EDT
Bill Duffy: ‘Klay Thompson right now is the top two-way, two-guard in basketball’
Sep 16, 2014, 8:30 AM EDT
Deron Williams opening the season healthy would be huge… but just the start of what they need from him.
Sep 16, 2014, 8:00 AM EDT
Ingles excelled in World Cup, completes dominoes set in motion by Jared Dudley trade
Sep 16, 2014, 12:30 AM EDT
You won’t see this for the Americans’ gold medal
Sep 15, 2014, 11:40 PM EDT
Forward from St. John’s went undrafted
Sep 15, 2014, 10:40 PM EDT
New details about incident in which he allegedly punched ex-girlfriend in the face
Sep 15, 2014, 9:45 PM EDT
Amundson’s best days are behind him, but maybe he can find a niche in Cleveland
- Tim Duncan to appear in “The Punisher” comic book 0
- ProBasketballTalk 2014-15 Preview: New York Knicks 8
- Klay Thompson’s agent: Thompson better two-way shooting guard than Kobe Bryant 32
- Report: Greg Oden’s drinking an issue during season, alleged domestic assault 27
- Kevin Durant calls Allen Iverson “pound for pound” best ever 29
- PBT Extra: What players looked good at World Cup? 4
- Time for FIBA/NBA to adopt soccer model: Only one major tournament every four years 16
- ProBasketballTalk 2014-15 Preview: Brooklyn Nets 3