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).
So much attention is paid to Lonzo Ball‘s father, jumper and passes. Those are the major storylines for the Lakers rookie.
But he has such a diverse skill set, and this is absolutely part of it. Ball is a savvy off-ball cutter in the halfcourt with the athleticism to get above the rim and finish alley-oops.
But finish them over 7-footer Willie Cauley-Stein, who was tracking the play (though slightly late)? That’s an eye-opener, even in the Kings’ 113-102 win.
When Marc Gasol‘s 3/4-court attempt went through the net, it seemed to barely matter the ball left his hands just after the first-quarter buzzer. After all, the Grizzlies led the Mavericks by 15, anyway.
Turns out, Memphis really needed that basket.
Toronto has been the second best team in the East this young season. Not that anyone is really convinced they will be called that by the time we get to the playoffs (or even the All-Star break, or even Christmas), but for the first 16-18 games of the season their new move-the-ball offense had them at 11-5 and looking solid.
Wednesday night the Knicks dismantled the Raptors.
Especially in the third quarter when the Knicks went on a 28-0 run to blow the doors off the Raptors (video above). The Knicks dominated the third 41-10, when Toronto shot just 1-of-16 from the floor.
New York is gaining confidence with each win this season, they are a fun team to watch that is starting to find an identity (now that a certain three-sided shaped one is not being forced upon them). Kristaps Porzingis is a monster, and while the Knicks overpaid the market for Tim Hardaway Jr. he has lived up to his contract this season. With rookie point guard Frank Ntilikina showing some nice defense and playmaking skills as a rookie (although he is undoubtedly still a work in progress), you can see a path to a strong future unfolding. There are real reasons for hope in New York. Someone just keep James Dolan distracted and away from the basketball operations side of the building.
I’m not sure who benefited from Devin Booker‘s buzzer-beating, overtime-forcing 3-pointer. The Suns still lost to the Bucks, 113-107. The extra five minutes featured more of the same relatively bad basketball we’d seen between Phoenix (bad) and Milwaukee (shorthanded) through 48 minutes.
But darn if this shot wasn’t really cool and clutch.