Just more than 24 hours after the NBA rejected a plan to move the Sacramento Kings to Seattle — essentially killing a sale of the team to a Seattle group — the Maloof family has reached a deal to sell the Kings to a Sacramento group that had put a counter offer before the league.
The deal was expected to be reached quickly and it is now done, reports the Sacramento Bee.
A Sacramento investors group has reached a deal with the Maloof family to buy the Kings for an NBA record valuation of $535 million, a source has told The Sacramento Bee.
That translates to a price of $347 million for the 65 percent of the team controlled by the Maloofs. The agreement, reached today, is expected to be announced sometime Friday. If the NBA approves the deal, escrow is expected to close at the end of May.
The Sacramento group was put together by the city’s Mayor Kevin Johnson and is led by billionaire Vivek Ranadive. The group has already purchased land and has plans for a new stadium in downtown Sacramento.
This is the culmination of a big win for Sacramento and a sticky mess for the NBA. The Maloof family had exhausted the good will they had built up in Sacramento in recent years and had almost single handedly killed a couple arena proposals to help keep the Kings in town. The family said the team was not for sale, until it was leaked the family had an agreement to sell the team to a Seattle group led by Chris Hansen.
That was a strong ownership group and offer from Seattle. Sacramento Mayor Johnson went to David Stern and basically asked, “What do I have to do to keep the team?” Stern laid out a long list that seemed hard to reach — put together a strong ownership group that could match the offer, come up with an arena plan and buy the land for it, and more. Credit Johnson and Sacramento, they got it done. And with that Seattle was on the outside because the advantage always belonged to the incumbent, even though that’s not what the investors and people of Seattle were sold.
But this is a day for celebrating in Sacramento — they get to keep their team. They get new owners that will help give them some direction on the court (we hope).
It’s that time of the year when there is no basketball, so we fill the time with idle Kyrie Irving speculation and video highlights of last season.
Along those lines, above you can out the top 60 clutch shots from last season, as determined by the folks at NBA.com.
The great thing about the clutch shot list is the ball is in the hands of stars at the ends of games, so there is plenty of Russell Westbrook, John Wall, LeBron James, Devin Booker, Kevin Durant and more. Personally, I would have switch No. 1 and No. 2 on the list, but it’s all fun to relive.
Kyrie Irving has requested a trade. LeBron James could leave next summer. The Cavaliers keep churning through general managers, the newest – Koby Altman – the reason for today’s press conference.
But Cavs owner Dan Gilbert looked past his own team’s turmoil and potential turmoil to take a shot at the Pacers, who traded Paul George to the Thunder for Victor Oladipo and Domantas Sabonis.
“I will say Indiana could have done better than they did,” Gilbert said after Altman refused to directly address a question about George trade talks and shifted the discussion elsewhere.
This didn’t strike me as Gilbert trying to distract from Cleveland’s troubles. He just seemed to want to take a shot at a foe, something he’s no stranger to doing. The Cavaliers are particularly salty about their trade offer for George, which included Kevin Love, not being accepted.
For what it’s worth, Gilbert is right. The Pacers should have done better. Oladipo is now on a lucrative contract extension, and Sabonis spent his rookie season showcasing the reasons people doubted him the draft. That’s a piddling return for a star, even one on an expiring contract with dreams of joining the Lakers.
The Kings lost Scott Perry to the Knicks, so Sacramento is seeking someone else to aid Vlade Divac in the front office.
Adrian Wojnarowski of ESPN:
Former Orlando Magic general manager Otis Smith has met with Sacramento Kings officials about the franchise’s vacant vice president of basketball operations job, league sources told ESPN.
Smith has plenty of experience, which Divac lacks. But it’s not all good experience.
Running the Magic, Smith made numerous errors – including drafting Fran Vazquez (who has never played in the NBA) No. 11, overpaying Rashard Lewis and then trading Lewis for Gilbert Arenas’ even worse contract. If Smith’s Orlando tenure is predictive, he’ll indulge the Kings’ worst tendencies to mortgage the future for the present.
That said, Smith might have learned from his time with the Magic (though working under Stan Van Gundy with the Pistons the few couple years isn’t exactly the best place to hone long-term-planning skills). What amounts to an assistant general-manager role might be a better fit for him, too.
Usually, this opening wouldn’t garner so much attention. But Perry was lavished with praise for Sacramento’s offseason, raising the profile of this job – which already carried relative prominence. The No. 2 in the Kings’ front office is now perceived, somewhat fairly, as more important than the typical assistant general manager.
Jut before the trade deadline, the Lakers took a flier on Tyler Ennis, who had struggled in two-plus seasons with the Suns, Bucks and Rockets.
The former No. 18 pick finally looked like an NBA player in Los Angeles, so he’s returning.
The Los Angeles Lakers have signed guard Tyler Ennis, it was announced today by General Manager Rob Pelinka.
Ramona Shelburne of ESPN:
This is fantastic value for the Lakers. Ennis is probably worth a minimum salary, and if he is, they have him for two years at that price. If not, they can drop him for no cost next summer, when their cap room will be at a premium. This is the type of bet smart teams make, which bodes well for the Magic Johnson regime.
Ennis’ productivity in Los Angeles might not be sustainable. He shot well above his career marks on 3-pointers and free throws in a small sample. But he looked more comfortable on the court, showing some of the savvy he was expected to bring from Syracuse. He’s also just 22, and point guards tend to develop later than other positions.
The Lakers still have their room exception, which they could use on another point guard. So, it’s uncertain whether Ennis will back up Lonzo Ball or fall to third string. I’m not sure any remaining free-agent point guards – Ty Lawson, Deron Williams, Brandon Jennings, Ramon Sessions – will command more than the minimum or playing time over Ennis, though.