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Kings sale closes escrow, final price is record $534 million

May 31, 2013, 1:02 PM EDT

Vivek Ranadive, Raj Bhathal, Paul Jacobs AP

Remember this number and the next time you hear an NBA owner plead poverty, remind them to include increases in franchise valuation in that matrix.

The Sacramento Kings sale closed escrow on Friday with the final sale price equates to a record $534 million that also incudes the Sleep Train Arena, the Maloof family announced. The team was sold to Vivek Ranadive and a group of Sacramento-based investors that will keep the team in the city.

“We congratulate Vivek Ranadive and the entire Sacramento investor group for their willingness to come forward and purchase the franchise for the people of Sacramento,” George Maloof said in a released statement. “We are confident they will provide the stewardship necessary to continue to guide the organization to successful levels.”

Thanks Maloofs, here is your check. Don’t let the door hit you on the way out.

Ranadive has moved fast to reshape the basketball side of the operations, which started with him hiring Golden State assistant coach Mike Malone as the new head coach. The buzz is Chris Wallace of Memphis is the front-runner for the GM job.

  1. fm31970 - May 31, 2013 at 3:20 PM

    ” to continue to guide the organization to successful levels.”

    Continue!!?? Child, please.

    • fanofevilempire - May 31, 2013 at 5:16 PM

      so the new owner hired a coach before he hired the GM, makes sense.

  2. htownred34 - May 31, 2013 at 4:10 PM

    Sacramento should be excited for the bright future. It’s as if they r finally beginning the rebuilding stage with the Maloofs gone…

  3. seabronco - May 31, 2013 at 4:47 PM

    They got their crap team for 220 million more than what it was valued? What a steal!

  4. derekjetersmansion - May 31, 2013 at 8:47 PM

    The Sixers recently were sold for $280 million. Think about that.

  5. rajbais - May 31, 2013 at 10:24 PM

    So Maloof Brothers, now do you have enough to pay off debts???

    Remember, your stake in The Palms Hotel is going down!

  6. MyNameIsWilliamBillForShort - Jun 2, 2013 at 6:27 AM

    And the great fans in Seattle are once again screwed. At least this second screw-job is finally over for them and they can work on their third screw-job. Wonder where the next one will come from. I guess if the NBA waits long enough, those good people will say F U NBA.

    Fool me once, shame on you. Fool me twice, shame on me. Fool me a third time…..stick your product up your ass.

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