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. PBT Extra: Russell Westbrook taking the NBA by storm (VIDEO)

    Mar 5, 2015, 4:45 PM EST

    Russell Westbrook Russell Westbrook

    Westbrook has had four consecutive triple-doubles.

  2. Training like the Pros: Recapping a month-long Nike Basketball workout experience

    Mar 5, 2015, 3:11 PM EST

    zoom city edit

    Recapping a month-long Nike Basketball training experience, which featured workouts run by Tim Grover, Jerry Powell and Idan Ravin — who have trained guys like Kobe Bryant, Kevin Durant and LeBron James. Also includes performance reviews of Nike’s latest basketball shoes.

  3. Report: JaVale McGee can’t reach deal with Celtics

    Mar 5, 2015, 2:31 PM EST

    Denver Nuggets v Boston Celtics Getty Images

    Dispute reportedly over terms of second season

  4. Craig Sager makes long-awaited return to TNT after 11-month battle with leukemia

    Mar 5, 2015, 1:36 PM EST

    Nebraska v Baylor Getty Images

    Sager will be on the sidelines for Thursday night’s Bulls-Thunder matchup.

  5. Who will win NBA scoring title? Russell Westbrook passes James Harden for lead

    Mar 5, 2015, 12:11 PM EST

    NBA 2K15 Launch Celebration Getty Images

    Nine players have ended a day leading the NBA in points per game this season

  6. Hassan Whiteside reaches back for crunch-time alley-oop from Dwyane Wade (video)

    Mar 5, 2015, 10:28 AM EST

    Whiteside posts monster 18-25-4 in win over Lakers

  7. Report: JaVale McGee close to signing with Celtics

    Mar 5, 2015, 9:49 AM EST

    Boston Celtics v Denver Nuggets Getty Images

    Center will reportedly receive two-year contract

  8. Jason Smith dancing?

    Mar 5, 2015, 8:00 AM EST

    Miami Heat v New York Knicks Getty Images

    Jason Smith dancing

  9. Kevin Garnett on Denver Nuggets: “A quitter is a quitter”

    Mar 5, 2015, 2:10 AM EST

    Denver Nuggets v Minnesota Timberwolves Getty Images

    This after the Celtics just smacked the Timberwolves pretty good.

Featured video

Is Derrick Rose the next Penny Hardaway?
Top 10 NBA Player Searches
  1. R. Westbrook (9104)
  2. K. Durant (7779)
  3. A. Davis (6932)
  4. D. Cousins (6837)
  5. D. Rose (6773)
  1. D. Howard (6532)
  2. L. James (6371)
  3. K. Irving (6107)
  4. P. George (6088)
  5. J. Harden (6086)