May 17, 2013, 1:55 AM EST
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).
Nov 23, 2014, 9:30 PM EST
This is funny. Cold, but funny.
Nov 23, 2014, 8:00 PM EST
What did you expect him to think?
Nov 23, 2014, 6:30 PM EST
Whiteside has put up big numbers for the Iowa Energy.
Nov 23, 2014, 5:00 PM EST
Henry has missed four games this season.
Nov 23, 2014, 3:30 PM EST
Rose could return Monday.
Nov 23, 2014, 2:01 PM EST
Bargnani was close to a return from his hamstring injury.
Nov 23, 2014, 12:30 PM EST
The Pelicans are now without two starters.
Nov 23, 2014, 11:00 AM EST
Combination of a lower price tag and a more diverse overall skill set may explain why.
Nov 23, 2014, 9:30 AM EST
When he uses his athleticism to get to the rim good things happen.
Nov 23, 2014, 8:00 AM EST
“This is not even the lowest it’s going to get for us.” —LeBron James
Nov 23, 2014, 1:04 AM EST
There was nothing the Utah Jazz could do.
Nov 22, 2014, 11:30 PM EST
Adam Silver has said it should happen, and Cuban agrees.
Nov 22, 2014, 10:00 PM EST
Leonard missed time with an eye infection.
Nov 22, 2014, 8:30 PM EST
Dunleavy says he was just trying to foul to stop the clock. Watch and decide for yourself.
Nov 22, 2014, 7:06 PM EST
With him and starting power forward Terrence Jones out, the Rockets are very thin up front.
Nov 22, 2014, 6:30 PM EST
Detroit is next to last in field goal percentage on the season.
Nov 22, 2014, 5:00 PM EST
Toronto won by 42 points, so this only matters if you had a certain Milwaukee player on your fantasy team.
Nov 22, 2014, 3:30 PM EST
Mike James or Will Bynum could be added to the roster for a short stint.
Nov 22, 2014, 2:00 PM EST
Bledsoe says the Sixers warned him before the game that he would be targeted for his previous comments.
Nov 22, 2014, 12:30 PM EST
X-rays were negative but he is going to miss some time.
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- Another day, another Bulls injury: Taj Gibson out with sprained ankle 11
- Report: Kevin Durant, Russell Westbrook could return to Thunder lineup next week 11
- Kobe Bryant says he took large enough discount for Lakers to contend 55
- Report: Jeff Taylor won’t appeal 24-game suspension 2
- Timberwolves’ Kevin Martin out indefinitely after scoring 31 points with fractured wrist 8