Maloofs Agree to Sell Kings to Sacramento Group
The Maloofs wanted to sell the Sacramento Kings to the Seattle group, who offered to pay more than the local group for the team but the NBA rejected the deal so here we are.
Per Brian Windhorst of ESPN, the Kings are going to remain in Sacramento after the Maloofs agreed to sell the team to a local group.
Software billionaire Vivek Ranadive came to an agreement to purchase 65 percent of the Kings from the Maloof family for approximately $348 million, sources said. The Kings’ total valuation in the sale is $535 million, an NBA record.
An official announcement is expected Friday.
The Seattle group offered to pay $406 million for the Maloofs stake in the team but the league’s owners were strongly in favor of keeping the team in Sacramento.
Ranadive is part owner of the Golden State Warriors and will have have to sell his stake in the team for the deal to go through. He has also secured assurances from local government officials that over $250 million in funding will be made available to build a new arena for the team, which strengthened the owners position on keeping the franchise in Sacramento.
The Maloofs are expected to walk away with roughly $200 million after paying a $60 million debt to the city and repaying money borrowed from the league. They payed $156 million when they bought the team in 1998.
NBA fans in Seattle are going to have to wait a little longer to see basketball in their city.