Maloofs sell Kings to Sacramento group in record deal
Just a day after NBA owners officially rejected a bid to relocate the Sacramento Kings to Seattle, the team's owners have agreed to sell the Kings to a Sacramento-based group, sources told ESPN.com.
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 Maloofs, who have owned the team since 1998, had hoped to sell the stake to a group of Seattle businessmen that was offering $406 million for their shares.
That's a pretty hefty price tag. I wonder if it comes with the #1 pick in the 2014 NBA lottery (aka. Andrew Wiggins), similar to the Hornets pending owners landing the #1 pick last year. I assume this year's #1 pick is still headed to Orlando. Just kidding. Everyone knows the NBA doesn't do stuff like that.
I'm happy the Kings are staying in Sacramento. Kings fans have been very loyal to their franchise through the ups and downs (many more downs). Not every franchise can say that. Yes, it would be nice if Seattle would have a team, but you don't want to rob one good NBA city to provide for another. My prediction is that Seattle will get an expansion team in the coming years (In addition to another city getting one and TB going absolutely bonkers over over expansion and the death of quality centers. Maybe the other city will be Virginia Beach).
One question: If the other guy offers $406 million and the NBA says we won't let you sell to that group. You have to sell to the local group even if it's less. Why in the world do you then not only offer more, but $129 million more? Oh yeah, Andrew Wiggins.