Maloofs Agree To Sell Kings To Ranadive Group

[jonathanlambert33]

The Maloofs have agreed to sell the Sacramento Kings to a group led by Vivek Ranadive for $535 million, according to a source.

The Maloofs had hoped to sell the Kings to a group led by Chris Hansen and Steve Ballmer, but the NBA's Board of Governors voted against the sale by a 22-8 margin. The Hansen-Ballmer group intended to move the Kings to Seattle, which lost their NBA franchise to Oklahoma City in 2008.

Ranadive is currently a part owner of the Golden State Warriors.

The new ownership group is hoping to build a new arena in downtown Sacramento with public financing.

Via Ken Berger/CBS Sports

 

[Pugz]

i know the fans are happy to keep them but they would support a new arena before, why now?

 

[Pugz]

The NBA owners offered to refund a $30 million non-refundable deposit made by the Chris Hansen-Steve Ballmer ownership group that was made when entering into a purchase agreement with the Sacramento Kings.
The Seattle-based group had agreed to buy the team from the Maloof family.
Hansen and Ballmer declined to accept the offer, which would have come from each of the NBA's 30 owners.

 

[A.E]

Kevin Johnson should be elected mayor of Sacramento until death for his efforts.  Vivek Ranadive is going to bring over a lot of how the Warriors are doing business with him & alter the culture of that franchise for the better.  And how Sacramento will pass a funding bill for a new arena, I still have no clue.  I understand how pro franchises help a city generate revenue but for those who don't know, Sac-town is already $8.9 million in debt.  
 
Regardless, the city does have an approved plan to build a new arena and it's pretty clad.  Had it not been so much of a done deal, the Kings are packing their shit and headed for Seattle right about now.  

 

[Pugz]

i hope they can get a new arena. one of the reasons i wanted to see them sold so bad(even if they did move) was because the maloofs are fucking idiots. this team needs to be ran so much better.