Deal final: Kings' sale closes escrow
Maloof family transfers ownership of team, arena
Updated: 3:02 PM PDT May 31, 2013
Kevin Oliver/KCRA
Signage above a Sleep Train Arena entrance is removed.
SOURCE: Kevin Oliver/KCRA
The Maloof family announced Friday that the agreement to sell controlling interest to a group led by Vivek Ranadive for the Sacramento Kings has closed escrow.Kings timeline: Sale finalizedFollowing years of an uncertain future in the capital city, the ownership of the team and of Sleep Train Arena now belongs to the Sacramento investor group, cementing the future of the team here.The deal puts the team's valuation at more than $534 million, an NBA record, a Maloof spokesman said."On behalf of my family, I would like to thank Commissioner David Stern and the NBA staff who worked tirelessly on this transaction," said George Maloof, Kings co-owner speaking on behalf of Maloof family.Maloof also thanked the fans of Sacramento. "Since our family has owned the franchise, the people of Sacramento have warmly brought the Kings into their hearts and for that we will always be grateful."The deal puts an end to a 14-year tenure of ownership by the Maloof family and officially starts a new era. No other owner in franchise history had held on to the team longer. The last several seasons, however, were marred by efforts by the family to relocate to other cities, and, more recently, sell the team to Chris Hansen and Steve Ballmer of Seattle. The Maloofs entered an agreement with Seattle investors, and had even filed relocation before the NBA Board of Governors decided in committee and as a whole to block the move this month, ending a five-month tug of war for the franchise. The Maloofs then entered into an agreement with the Sacramento investment group led by Ranadive."We congratulate Vivek Ranadive and the entire Sacramento investor group for their willingness to come forward and purchase the franchise for the people of Sacramento," Maloof said in a news release.In a statement issued Friday afternoon, Ranadive, who becomes the NBA's first Indian-born majority owner, thanked the league for its unwavering support of Sacramento and the Kings."It is an honor and a privilege to be a part of this incredible franchise, as well as a continued member of the National Basketball Association," he said.Ranadive also thanked Mayor Kevin Johnson and the Sacramento leadership group for their efforts to keep the team in Northern California.The new owner has already moved to put his mark on the team. Mike Malone, an assistant with the Golden State Warriors, is expected to be named head coach. An official announcement by the team is expected Monday.Before buying the Kings, Ranadive was a minority owner of the Golden State Warriors.Geoff Petrie, who has been lead in the team's front office for nearly two decades, is not expected to remain with the team.
The Maloof family announced Friday that the agreement to sell controlling interest to a group led by Vivek Ranadive for the Sacramento Kings has closed escrow.
Kings timeline: Sale finalized
Following years of an uncertain future in the capital city, the ownership of the team and of Sleep Train Arena now belongs to the Sacramento investor group, cementing the future of the team here.
The deal puts the team's valuation at more than $534 million, an NBA record, a Maloof spokesman said.
"On behalf of my family, I would like to thank Commissioner David Stern and the NBA staff who worked tirelessly on this transaction," said George Maloof, Kings co-owner speaking on behalf of Maloof family.
Maloof also thanked the fans of Sacramento. "Since our family has owned the franchise, the people of Sacramento have warmly brought the Kings into their hearts and for that we will always be grateful."
The deal puts an end to a 14-year tenure of ownership by the Maloof family and officially starts a new era. No other owner in franchise history had held on to the team longer. The last several seasons, however, were marred by efforts by the family to relocate to other cities, and, more recently, sell the team to Chris Hansen and Steve Ballmer of Seattle.
The Maloofs entered an agreement with Seattle investors, and had even filed relocation before the NBA Board of Governors decided in committee and as a whole to block the move this month, ending a five-month tug of war for the franchise.
The Maloofs then entered into an agreement with the Sacramento investment group led by Ranadive.
"We congratulate Vivek Ranadive and the entire Sacramento investor group for their willingness to come forward and purchase the franchise for the people of Sacramento," Maloof said in a news release.
In a statement issued Friday afternoon, Ranadive, who becomes the NBA's first Indian-born majority owner, thanked the league for its unwavering support of Sacramento and the Kings.
"It is an honor and a privilege to be a part of this incredible franchise, as well as a continued member of the National Basketball Association," he said.
Ranadive also thanked Mayor Kevin Johnson and the Sacramento leadership group for their efforts to keep the team in Northern California.
The new owner has already moved to put his mark on the team. Mike Malone, an assistant with the Golden State Warriors, is expected to be named head coach. An official announcement by the team is expected Monday.
Before buying the Kings, Ranadive was a minority owner of the Golden State Warriors.
Geoff Petrie, who has been lead in the team's front office for nearly two decades, is not expected to remain with the team.