Skip to content

Report: Deal struck to sell Kings to Sacramento group

May 17, 2013, 1:55 AM EDT

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. Report: Sixers fighting against immediate changes to NBA Draft Lottery system

    Jul 30, 2014, 10:32 AM EDT

    Sam Hinkie, Nerlens Noel AP

    Sixers put a multi-year plan together based on current rules, which would be adversely affected with a quick change to the system.

  2. Team USA going small ball, but how many bigs do they keep on the bench?

    Jul 30, 2014, 8:40 AM EDT

    Mike Krzyzewski Mike Krzyzewski

    “Everyone talks about match-ups (with big teams such as Spain), people have to match-up against us, too.” — USA Basketball coach Mike Krzyzewski

  3. Report: LeBron James more popular than he ever was with the Heat

    Jul 30, 2014, 8:00 AM EDT

    LeBron still not as popular as prior to The Decision, though. It’s only a matter of time until he is.

  4. Dion Waiters explains tweet saying he wouldn’t accept bench role

    Jul 30, 2014, 1:30 AM EDT

    2013 Cleveland Cavaliers Media Day 2013 Cleveland Cavaliers Media Day

    Cavaliers guard says initial response stemmed from his straightforward approach, confidence

  5. NBA considering charity All-Star game in South Africa

    Jul 30, 2014, 12:30 AM EDT

    Nelson Mandela Nelson Mandela

    Collective Bargaining Agreement limits offseason charity games to United States and Canada

  6. Report: Gregg Popovich had hip-replacement surgery

    Jul 29, 2014, 10:33 PM EDT

    2014 NBA Finals - Game Five Getty Images

    Popovich signed contract extension with Spurs this offseason

  7. Durant says 2014 USA team better than 2010 version that won gold

    Jul 29, 2014, 9:44 PM EDT

    Image (1) durant_usa_fun-thumb-250x159-20234.jpg for post 4140

    “That 2010 team was one of the best experiences I’ve ever had. I think we have a team that’s even better.” —Kevin Durant

  8. Report: Magic signing Peyton Siva to unguaranteed contract

    Jul 29, 2014, 8:50 PM EDT

    Detroit Pistons v Orlando Magic Detroit Pistons v Orlando Magic

    Orlando reportedly plans to send former Pistons point guard to D-League

  9. Kevin Durant knows you’re talking about his free agency but isn’t giving many clues. He liked what LeBron did.

    Jul 29, 2014, 7:51 PM EDT

    2014 USA Basketball Men's National Team Practice Getty Images

    “I just tell everybody that I’m here in Oklahoma City, I love it here. Who knows what will happen.” —Kevin Durant on his 2016 free agency.

  10. Report: Eric Bledsoe-Suns ‘relationship is on the express lane to being ruined’

    Jul 29, 2014, 7:11 PM EDT

    Eric Bledsoe, Jeff Hornacek, Goran Dragic Eric Bledsoe, Jeff Hornacek, Goran Dragic

    Bledsoe reportedly resents how differently Pistons, Jazz and Rockets treated their restricted free agents

  11. Report: Mike Scott considering ‘lucrative’ offer to play in Russia

    Jul 29, 2014, 6:22 PM EDT

    Atlanta Hawks v Indiana Pacers - Game Seven Getty Images

    CSKA-Moscow wants to poach Scott from Atlanta Hawks

  12. Mavericks sign Ivan Johnson

    Jul 29, 2014, 5:37 PM EDT

    Dallas Mavericks v Atlanta Hawks Dallas Mavericks v Atlanta Hawks

    Johnson gets NBA contract after eventful summer league

  13. Report: Timberwolves told Kevin Love to sit out the World Cup

    Jul 29, 2014, 4:55 PM EDT

    Kevin Love Kevin Love

    I’m not sure Love is taking advice from Minnesota right now

  14. Byron Scott makes ridiculous optimism sound reasonable

    Jul 29, 2014, 4:11 PM EDT

    Los Angeles Lakers Introduce Byron Scott Getty Images

    Lakers introduce Scott as new coach in press conference

  15. Derrick Rose told Carmelo Anthony that if he came to Chicago “the game would be easy”

    Jul 29, 2014, 3:24 PM EDT

    2014 USA Basketball Men's National Team Practice Getty Images

    Rose said he was disappointed but he understands ‘Melo’s decision.

  16. LeBron James strips on stage, throws clothes into crowd (video)

    Jul 29, 2014, 2:22 PM EDT

    LeBron James LeBron James

    Want to see LeBron strip down to his underwear?

  17. Steve Nash: ‘I think this is my last season’

    Jul 29, 2014, 1:44 PM EDT

    Steve Nash, Meta World Peace Steve Nash, Meta World Peace

    Lakers guard confirms he’s planning on retirement

Featured video

Why can't Lakers have a player-coach?
Top 10 NBA Player Searches
  1. T. Warren (4909)
  2. L. James (4359)
  3. K. Love (3719)
  4. D. Rose (3353)
  5. R. Allen (3122)
  1. J. Nelson (3033)
  2. C. Anthony (2985)
  3. K. Bryant (2765)
  4. A. Aminu (2127)
  5. C. Boozer (2051)