Kings Sale Basketball

Report: Deal struck to sell Kings to Sacramento group


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).

Sixers’ Wilbekin hits game-winning three vs. Cavs (VIDEO)

Scottie Wilbekin
Leave a comment

LeBron James sat out the Cavs’ preseason game against the Sixers on Thursday night, but Cleveland still held the lead for all but the final 5.4 seconds. Then, Sixers rookie Scottie Wilbekin did this:

Wilbekin, who played college ball at Florida, has a chance to earn legitimate minutes for the Sixers this season as they try to find young talent on the cheap. This is a good start.

Derrick Rose’s eye still swollen, will rejoin Bulls Monday

Derrick Rose
Leave a comment

Eight days ago, Derrick Rose had surgery to repair a fractured orbital bone suffered in training camp. The Bulls said he would be ready to resume basketball activities in two weeks, and in the meantime will rejoin practice soon. That part is still on schedule — head coach Fred Hoiberg says Rose will be with the team when they return to Chicago on Monday following a two-game preseason road trip, but unless the swelling in his eye dies down, it could be a little longer before he can start practicing again.

Via K.C. Johnson of the Chicago Tribune:

It’s not ideal, but since there’s no structural damage to Rose’s face, once he’s cleared to resume practicing, it’s just a matter of getting back into game shape before he can start playing in games. The team is still optimistic he’ll be able to play opening night against the Cavaliers on October 27.