Sacramento Kings sold to local investors

May 17, 2013, 5:28 AM | Updated: 1:06 pm

The Sacramento Kings have new owners, and at least for now, one of them isn’t named Chris Hansen. The Maloof family sold the controlling interest of the team to a group from Sacramento.

The NBA wanted the team to stay in Sacramento. Now it has local owners to make sure they don’t go anywhere.

The Maloofs sold 65 percent of the team for $347 million to the group headed by Vivek Ranadive, a Silicon Valley tech entrepreneur. “I’m humbled by the support by the fans, the NBA and the other owners, and I am very grateful for the opportunity that we have here,” he told News 10 in Sacramento.

Ranadive will front $240 million of the sale price. “The team belongs to the fans, and we hope to be good stewards for the team,” he said.

Outgoing NBA commissioner David Stern, who publicly lobbied Sacramento to up its effort to keep the team from moving to Seattle, said the deal should be completed quickly. “I think there’s likely going to be a closing sooner rather than later,” he said.

What we don’t know is what happens to Chris Hansen’s purchase of seven percent of the Kings from bankruptcy court. Right now, Ranadive isn’t worried about that. “I’m really excited about the Kings,” he said. “It’s the start of a new era.”

The NBA is expected to green light this sale next week, with it becoming final at the end of the month.

Not that it makes much difference now, but there are still plenty of hurdles for this new Kings ownership group when it comes to getting the new arena deal that helped sway the NBA owners to keep the team in Sacramento.

A lawsuit has been filed to prevent any public money from being used to build it. Right now, Sacramento taxpayers would likely be on the hook for over $250 million.

An initiative has been filed to put the arena deal up for a public vote. Jim Cathcart is with the group STOP, Sacramento Taxpayers Opposed to Pork. “It’s not about the team moving or staying or any other thing,” he said.
“It is about public money going to a professional sports arena, which most people can’t afford to go to, and a commitment of a big chunk of city resources and assets.”

Signature gathering will begin soon.

But whether Sacramento’s arena deal fails or not doesn’t really impact the reality that the Kings aren’t going anywhere.


Canada's Nirra Fields, right, runs past Japan's Saori Miyazaki during their game at the women's Bas...
Associated Press

Bec Allen gets hurt as Australia beat Serbia 69-54

SYDNEY (AP) — Bec Allen was instrumental in Australia’s 69-54 win over Serbia scoring 16 points on Sunday in the World Cup. But her status for the rest of the tournament is in question after getting hurt in the fourth quarter. Allen was diving for a loose ball in front of the Australia bench when […]
2 days ago
Cincinnati wide receiver Tyler Scott, left, carries the ball as he is tackled by Indiana defensive ...
Associated Press

Bryant’s big first half lifts Cincinnati over Indiana 45-24

CINCINNATI (AP) — Ben Bryant passed for 314 of his 354 yards in the first half with a career-high four touchdowns, and Tyler Scott had career-highs with 185 receiving yards and three TDs, as Cincinnati defeated Indiana 45-24 on Saturday. “It didn’t feel as good afterward as the score might indicate,” said Bearcats head coach […]
2 days ago
South Korea's Kang Leeseul looks to pass the ball past Bosnia and Herzegovina's Andela Delic during...
Associated Press

Kang helps South Korea wins 1st World Cup game in 12 years

SYDNEY (AP) — Leesuel Kang scored 37 points to help South Korea rout Bosnia and Herzegovina 99-66 on Saturday, giving the Asian country its first win in the women’s World Cup in 12 years. South Korea (1-2), which has played in 16 consecutive World Cups — tied with the U.S. for most ever — hadn’t […]
3 days ago
United States players are congratulated by China following their game at the women's Basketball Wor...
Associated Press

Wilson, Gray lead US to 77-63 win over China in World Cup

SYDNEY (AP) — A’ja Wilson admitted she was tired. The WNBA MVP had just gotten to Australia less than 24 hours ago, fresh off a championship and the U.S. was playing its toughest opponent of the World Cup. After a slow start, Wilson was clutch in the fourth quarter, finishing with 20 points to help […]
3 days ago
Boston Celtics owner Wyc Grousbeck, right, and president of basketball operations Brad Stevens leav...
Associated Press

Celtics: Udoka suspended for ‘multiple’ policy violations

BOSTON (AP) — The reigning Eastern Conference champion Boston Celtics suspended coach Ime Udoka after a months-long investigation by an outside law firm that found multiple violations of team policies but did not point to a larger cultural problem of sexual misconduct, owner Wyc Grousbeck said Friday. “We go to great lengths … to run […]
4 days ago
Australia's Lauren Jackson takes a shot at goal during their game at the women's Basketball World C...
Associated Press

Canada tops France to take control of group at World Cup

SYDNEY (AP) — Nirra Fields scored 17 points and Shay Colley added 11 to help Canada beat France 59-45 on Friday in the women’s basketball World Cup. The victory moved Canada (2-0) into the driver’s seat as the only unbeaten team left in its group. “It’s great for us,” Canada guard Kia Nurse said. “Great […]
4 days ago
Sacramento Kings sold to local investors