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).
John Wall had a designated player super max contract sitting in front of him (figuratively) since July 1, but he wanted to wait and see what the Wizards would do this summer, and talk to his family about a decision that could lock him in Washington for six years.
He saw the Wizards spend — they matched a max offer sheet for Otto Porter. He also looked around the East and decided this is where he wanted to be. He agreed to the extension on Friday, a story broken by David Aldridge of TNT/NBA TV.
This is a four-year, $170 million extension that kicks in after the two-years, $37.1 million left on Wall’s current deal.
Wall has developed into one of the top five point guards in the NBA, averaging 23.1 points per game last season while making his first All-NBA team (the third team, which he thought was a let down). He is a strong defensive point guard and still arguably the fastest guy in the league with the ball in his hands. He and Bradley Beal have formed one of the more formidable backcourts in the NBA.
Wall is now getting paid like an elite point guard, and he is just entering his prime.
Jayson Tatum was one of the standouts at Summer League.
The No. 3 pick of the Boston Celtics, Tatum came into the draft considered the most NBA-ready player of the class. He showed that at Summer League — he is a fluid athlete who knows how to knock down mid-range shots (and gets to his spots), he has great footwork for a young player, and can attack the rim. He tends to take and make difficult shots, but that will get harder against NBA-level defenders, and he didn’t often play-make for others. That said, he averaged 17.7 points and 8 rebounds per game.
Check out his best plays from Summer League, and if you’re a Celtics fan try not to drool too much.
MEMPHIS, Tenn. (AP) — The Memphis Grizzlies have signed former Oregon forward Dillon Brooks, a second-round pick in last month’s NBA draft.
Terms of the deal weren’t disclosed.
Brooks was selected by the Houston Rockets with the 45th overall pick. The Grizzlies acquired him in exchange for a future second-round pick.
Brooks, 21, averaged 16.1 points, 3.2 rebounds and 2.7 assists as a junior at Oregon last season. He was named the Pac-12 player of the year and helped Oregon earn its first Final Four berth since 1939.
Peculiar is not a word that comes up often in NBA talk. Not sure it comes up much of anywhere unless a Four Non-Blondes song is on the ’90s station, but especially in NBA talk it doesn’t come up. Until this week. First, there was this cryptic comment from Kyrie Irving earlier in the week about the state of the Cavaliers.
“Like I said, we’re in a peculiar place. The best thing we can do is handle things with class and professionalism.”
Friday it leaked that Kyrie Irving has asked to be traded from the Cavs. Which led to Kevin Love using the word “peculiar” in a tweet.
If you’re unfamiliar, “kick some rocks” is an impolite way of telling someone to leave, or take a walk (kicking rocks on the dirt road).
Fun times in Cleveland. Kobe Altman must be having a fun week in his new job.