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).
Apr 21, 2015, 1:37 AM EDT
Golden State wins Game 2, 97-87
Apr 21, 2015, 12:14 AM EDT
Pierce’s comments made him unpopular north of the border, but his play should bother the Raptors more.
Apr 20, 2015, 11:07 PM EDT
Jimmy Butler’s 31 points led the way.
Apr 20, 2015, 9:59 PM EDT
He was simply the most dominant player in Game 1 of the Mavericks vs. Rockets series.
Apr 20, 2015, 9:56 PM EDT
They did exactly that in Game 1.
Apr 20, 2015, 8:55 PM EDT
John Henson, O.J. Mayo, Jimmy Butler and Joakim Noah all got techs.
Apr 20, 2015, 8:50 PM EDT
I could try to use logic and suggest that discussing the complete legacy of Jordan with the incomplete legacy of James is a fool’s errand. But this is the Internet, logic is not always welcome.
Apr 20, 2015, 7:50 PM EDT
What you want to see as a Boston fan is Smart embrace the challenge.
Apr 20, 2015, 6:13 PM EDT
The Bulls should be in no rush to bring Hinrich back for this series.
Apr 20, 2015, 5:32 PM EDT
Also, Tyreke Evans is a game-time decision after his injury in the playoff opener.
Apr 20, 2015, 4:45 PM EDT
Rose was getting into the paint and making plays.
Apr 20, 2015, 4:06 PM EDT
The Clippers need a rebranding, but the leaked images are not winning over new fans.
Apr 20, 2015, 3:22 PM EDT
One of Ollie’s biggest fans? Kevin Durant
Monty Williams on Warriors home games: ‘I’m not so sure that the decibel level is legal there, and I’m serious’
Apr 20, 2015, 2:44 PM EDT
Is Pelicans coach actually serious?
Apr 20, 2015, 2:03 PM EDT
Whom else would Heat president mean?
Apr 20, 2015, 1:26 PM EDT
Smith committed four fouls in 19 minutes in Cavaliers-Celtics Game 1
Apr 20, 2015, 12:38 PM EDT
Full voting included
Apr 20, 2015, 11:57 AM EDT
And he’s not the only Portland player worried about Aldridge leaving
Apr 20, 2015, 11:20 AM EDT
Clippers tougher than Spurs in Game 1
Apr 20, 2015, 10:37 AM EDT
Admittedly, this was not the finest batch of questions in his postgame press conference
- With Anthony Davis and Pelicans drained, Warriors deliver down the stretch 0
- PBT Extra matchup to watch: Can Toronto keep Paul Pierce quiet on the court? 3
- Bulls overcome ugly start to take 2-0 series lead over Bucks 8
- PBT Extra matchup to watch: Dallas has to find a way to deal with Dwight Howard 3
- Man arrested after fight over who is better, Michael Jordan or LeBron James 24
- PBT Extra matchup to watch: Marcus Smart needs to take on Kyrie Irving challenge 2
- PBT Extra matchup to watch: Pelican guards need to stay with Curry, Thompson 1
- PBT Extra: Matchup to watch in Bulls vs. Bucks, Derrick Rose vs. Michael Carter-Williams 6