Kings sale closes escrow, final price is record $534 million

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Remember this number and the next time you hear an NBA owner plead poverty, remind them to include increases in franchise valuation in that matrix.

The Sacramento Kings sale closed escrow on Friday with the final sale price equates to a record $534 million that also incudes the Sleep Train Arena, the Maloof family announced. The team was sold to Vivek Ranadive and a group of Sacramento-based investors that will keep the team in the city.

“We congratulate Vivek Ranadive and the entire Sacramento investor group for their willingness to come forward and purchase the franchise for the people of Sacramento,” George Maloof said in a released statement. “We are confident they will provide the stewardship necessary to continue to guide the organization to successful levels.”

Thanks Maloofs, here is your check. Don’t let the door hit you on the way out.

Ranadive has moved fast to reshape the basketball side of the operations, which started with him hiring Golden State assistant coach Mike Malone as the new head coach. The buzz is Chris Wallace of Memphis is the front-runner for the GM job.