Kings officially sold for NBA record $534 million
The Maloff family has completed it’s sale of the Sacramento Kings to a California-based for a remarkable price of $534 Million smackaroos. The $534 Million is an NBA record and the group buying the Kings (who will keep them in Sacramento) is headed up by TIBCO chairman Vivek Ranadive.
The Maloofs were looking to sell the Kings for the highest price tag they could warrant, and the Kings were incredibly close to being on the move to Seattle before the owners voted against the proposed move. Sacramento Mayor, and ex-NBA player, Kevin Johnson, eventually won the battle that has kept the Kings put in Sacramento.
This process was a tough one for the city of Sacramento, as well as the city of Seattle, who were pumped at the prospect of getting another NBA team back in the Queen City after a half of a decade without a team they enjoyed for over 30 years.
“We are pleased for both the Maloof family and the Ranadive group, but particularly pleased for the fans of the Kings,” NBA commissioner David Stern said in a statement.
The Maloofs have owned the Kings since 1999, and are said to be focused on buying an NHL, or MLB team, moving forward.
“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,” George Maloof said. “We are confident they will provide the stewardship necessary to continue to guide the organization to successful levels.”
The owners voted in favor of this sale just three days ago, and this victory has to still feel surreal to the ravenous fan-base in Sac-Town.