The ownership saga around the Sacramento Kings has finally come to an end with the Maloofs agreeing to sell their 65% share of the club to a Sacramento based group at a total team valuation of $535 million.
The group led by local Sacramento Software magnate Vivek Ranadive will pay the Maloofs $347.75 million for their share of the club.
The valuation is $10 million higher than the initial proposal of the Seattle based group led by Chris Hansen, who hoped to move the team north, to the former home of the Supersonics.
With this deal, brokered in large part by NBA Commissioner David Stern, and Sacramento mayor Kevin Johnson. The Kings will be staying in Sacramento, despite the rumors that have persisted for several years about a move of the team.
The Kings’ new owners include Ranadive, who will be the first majority NBA owner of Indian descent, the Jacobs family, who runs communications giant Qualcomm, 24-Hour Fitness Founder Mark Mastrov, swimwear magnate Raj Bhathal, and former Facebook executive Chris Kelly. The group which was brought together in the last three months by Johnson and Ranadive in a desperate attempt to save the franchise.
The group has also purchased land in downtown Sacramento, planned for a new arena for the team. The project is expected to cost $447 million, with $258 million already committed in public funds.
The Maloofs have been majority owners of the club since 1999.
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