The long drama of the Sacramento Kings' sale seems to have reached a conclusion. The Maloof brothers have sold 65 percent ownership of the Kings organization to a group led by software billionaire Vivek Ranadive for $348 million, according to reports. The same report states that the Kings total valuation in the sale was $535 million.
One day after officially rejecting the bid to relocate the organization to Seattle, Ranadive's purchase firmly entrenches Sacramento's hold on the beloved NBA franchise.
It was well known that the Maloofs preferred to sell the team to the Seattle group; when the league's owners rejected the bid the Maloofs had threatened to withdraw their sale of the 65 percent stake, and instead sell just 20 percent to the Seattle bidders.
The process of approving Ranadive figures to go smoothly since he is already a part owner of the Golden State Warriors. Ranadive will have to give up his ownership in the Warriors, but his presence as a league owner means he's already been vetted by the NBA's lawyers. ESPN.com is reporting that Ranadive has already worked out an arrangement with Sacramento lawmakers to secure a promise of $250 million to fund the construction of a brand new arena.
Ranadive's group includes the family owning Qualcomm communications, the founder of 24 Hour Fitness, Mark Mastrov, and a former Facebook executive Chris Kelly.
While the Maloofs owe the city of Sacramento $60 million, the brothers are expected to make about $200 million following the sale of the team. This past season the Kings were one of the NBA's worst teams, compiling a 28-54 record and finishing third from the bottom in the Western Conference. The only two teams in the West worse than Sacramento were the New Orleans Hornets and the Phoenix Suns.
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