It’s official, Indian-born tech billionaire Vivek Ranadive and his Sacramento group own the Kings. Which means the team is staying put.
The League’s Board of Governor’s (made up of the 30 owners) unanimously approved the sale on Tuesday. This is the official confirmation of what was expected after the same board rejected a move of the Kings franchise to Seattle, essentially killing the sale of the team to the Chris Hansen group.
This is good on two levels.
One, the Maloof family is now out of the NBA, and that is a good thing. They were young energetic owners a decade ago, which was good for Sacramento and the league. But some bad investments left them cash poor, they handled getting a new arena in Sacramento about as poorly as you could, and by the end they were just an embarrassment.
Second, this is good for Sacramento. Mayor Kevin Johnson did what a lot of mayors could not — put together an ownership group and an arena deal in just a few months to keep the team. He played hard but he followed the road map laid out by the league and met goals that seemed impossible at the time.
It sucks for Seattle, which had a very good arena and ownership plan of their own. They feel used and it’s hard to blame them. Hopefully there will be another chance because there should be an NBA team in that city.