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).
Jun 30, 2015, 12:45 PM EDT
His brother said so in a radio interview.
Report: Kings probing John Calipari about his interest in coaching and running the team’s front office
Jun 30, 2015, 11:58 AM EDT
Ownership in Sacramento continues to be a disaster.
Jun 30, 2015, 11:17 AM EDT
And he could be traded again before his contract becomes guaranteed on July 11.
Gregg Popovich won’t be recruiting free agents at midnight, doesn’t want them if that factors into their decision
Jun 30, 2015, 10:40 AM EDT
Pop being Pop.
Jun 30, 2015, 9:55 AM EDT
Hawks are facing a lot of uncertainty with their roster.
Jun 30, 2015, 9:15 AM EDT
It’s becoming increasingly unlikely that Aldridge returns to the Blazers.
Jun 30, 2015, 8:30 AM EDT
This could be decided quickly.
Jun 30, 2015, 8:00 AM EDT
This was expected, there is no drama here.
Report: Tim Duncan, Tony Parker part of Spurs pitch to LaMarcus Aldridge (and they may be favorites)
Jun 30, 2015, 1:01 AM EDT
The Spurs are right at the front of the line with the Lakers to win Aldridge over.
Jun 29, 2015, 11:45 PM EDT
We knew Korver would need ankle surgery, but this is a bit of a surprise.
Jun 29, 2015, 10:45 PM EDT
Aldridge is expected to leave Portland, and the most recent report has the Lakers as the frontrunners to retain his services.
Jun 29, 2015, 9:45 PM EDT
Clippers remain frontrunners to retain Jordan’s services; Lakers, Mavericks also in the mix.
Jun 29, 2015, 8:45 PM EDT
Antic was with the Hawks the last two seasons.
Jun 29, 2015, 7:45 PM EDT
Davis is looking for a multi-year deal.
Jun 29, 2015, 6:50 PM EDT
The bottom line is this: Butler is going to be a Bull next season.
Jun 29, 2015, 6:16 PM EDT
The first rule of trading a player is to not look like you want to trade that player.
Jun 29, 2015, 5:20 PM EDT
Kind of hard to picture him going to the Raptors considering the other options on the table.
Jun 29, 2015, 4:31 PM EDT
The real question for Wade and his effort to leverage the Heat: Who is going to give him more money than Miami?
Jun 29, 2015, 3:44 PM EDT
The report says $12 million a year for Afflalo, that price seems steep.
Jun 29, 2015, 3:18 PM EDT
They are trying to keep those two while dealing Joe Johnson and Deron Williams.
- Report: Kings probing John Calipari about his interest in coaching and running the team’s front office 9
- Report: Chicago Bulls give Jimmy Butler max qualifying offer 18
- Report: Dwyane Wade will not opt-in with Heat, to become free agent (as expected) 29
- Report: Knicks front runner to land Arron Afflalo (and Greg Monroe, too) 27
- Report: Luol Deng surprises Miami, opts in for 2015-16 season 31
- Report: Sense around league is Kevin Love will re-sign with Cavaliers 31
- Report: As deadline nears, signs still point to Dwyane Wade opting out, becoming free agent 42
- Report: Dallas most likely team to lure DeAndre Jordan from Clippers, Chandler Parsons already recruiting 24