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).
CLEVELAND (AP) John Wall scored 37 points, Bradley Beal added 27 and the Washington Wizards began a challenging road trip by beating LeBron James and the Cleveland Cavaliers 127-115 on Saturday night.
Wall scored 18 in the first quarter, when the Wizards shot 82 percent, and Washington held on down the stretch to avenge an overtime loss to the NBA champions last month.
James, who briefly wore goggles to protect an eye injury sustained Friday night, scored 24 and added 11 rebounds and eight assists. Kyrie Irving added 23 points and Kevin Love 17 for Cleveland, playing at home for the only time in a seven-game stretch.
Washington’s victory cut Cleveland’s lead in the Eastern Conference to a half-game over idle Boston.
Utah and the L.A. Clippers are almost locked into a first round, four vs. five battle in the Western Conference. The only question is which team will have home court, and the Clippers took a big step towards that beating the Jazz at home Saturday. While the Jazz still has a half-game lead, the Clippers have a much softer schedule the rest of the way.
After that loss, Jazz center Rudy Gobert was ticked off and called out his teammates. Via Tim MacMahon of ESPN.
“We’ve got guys that compete, but some of us don’t compete. Some of us just think about scoring. That’s what it is. … Coach keeps repeating it: We’ve just got to compete. We’re too nice. Those guys, we know they’re going to get calls. We’ve just got to come out aggressive and ready to fight.”
Interesting comments for a team that is third in the NBA in defensive rating and 13th in offense.
Gobert is frustrated as Utah has dropped four of its last five, and the slump has been on both ends of the court. The defense has struggled, but if guys are looking to score too much they aren’t doing it efficiently because the offense has been worse.
This slide likely costs Utah home court in the first round, which could matter in what will be a tight matchup with Los Angeles. Utah needs to find its grinding rhythm again heading into the playoffs, at their best they can knock off the Clippers in the first round. Just not like they are playing now.
One thing to watch, Utah’s Gordon Hayward asked out of the game in the fourth quarter due to what is being called a bruised muscle in his leg. If he misses any time or if this lingers, it could be trouble for the Jazz in the postseason.
LeBron James suffered a scratched cornea Friday night when he went up for a layup late in the third quarter and Jeremy Lamb tried to contest and caught him clean across the face. LeBron got the and-1, but had trouble keeping his eye open in postgame interviews Friday.
Saturday he did play — wearing protective goggles. As you can see above.
That lasted about a minute.
LeBron was likely frustrated as the Cavaliers defensive woes had the Wizards up double digits much of the first half.
For the first time since he walked off the court in his final game, Kobe Bryant was back at Staples Center Friday night.
The reason was Shaquille O’Neal was getting a statue out in front of Staples Center (a building that may not have gotten built without the two of them). The two famed feuders sat next to each other and joked around through the ceremony. Time heals all wounds.
With the new management of the Lakers — specifically Kobe’s former agent Rob Pelinka as GM — there has been speculation Kobe could take on a role. He’s not looking for something formal, according to reports, but he didn’t say no, either, when asked.
I picture Kobe as a guy who someday buys a team, not a guy who wants to haggle with agents over the details of a contract. He’s not going to take on a day-to-day role, he likes the retired life and what he is building with the Kobe brand.
That said, the Lakers front office can use all the smart voices it can get as they try speed up a rebuild. They should give him a call every once in a while.