Sacramento mayor and former NBA point guard Kevin Johnson announced to supporters and Kings fans Friday that the deal to sell the NBA franchise to a group led by software tycoon Vivek Ranadive has been signed. The announcement at a City Hall rally brings to an end nearly five months of maneuvering by Johnson to secure a new ownership group, convice the council to commit to building a new downtown arena, and to show the NBA that the city has the fan base to make the venture successful.
"This was one heck of a comeback," Johnson, a former NBA All-Star, said to a crowd of two dozen investors, fans and politicians. Earlier this week, NBA owners rejected a bid to move the franchise to Seattle.
Investor Chris Hansen, whose agreement to buy the team from the Maloof family and move them to the Pacific Northwest shocked the city in January, fought to acquire the team to the bitter end. He even negotiated to buy a minority share when it became clear the league opposed the team's relocation.
Johnson said that the deal reached between the Maloofs and the Ranadive group did not include an investment from Hansen. NBA Commissioner David Stern praised Hansen's proposal and said the league may consider expansion once a new TV deal is in place.
The mayor sent condolences toward Seattle, but said he focused throughout the negotiations on promoting Sacramento as thriving with 19 sellout seasons, one of the longest streaks in the NBA.
"Seattle is a great city and we want them to get a team. For us, it was never a competition. It was about our community telling our story," Johnson said, adding: "It's about not letting someone take something that's not theirs."
The NBA is expected to officially approve the sale next week.
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