Maloofs Sold the Sacramento Kings for a Record $534 Million

by May 31, 2013

After the NBA approved the sale of the Kings to a Sacramento group led by software tycoon Vivek Ranadive, things moved quickly and the Maloof family made off like bandits (though the figures are astronomical — just a shade under $535 million for the franchise, an NBA record — the deal is slightly less lucrative than the one proposed by the Chris Hansen-led group, which unsuccessfully tried to move the Kings to Seattle.) Per the Sac Bee: “The Maloof family said today it has completed the sale of the Sacramento Kings to a group led by Vivek Ranadive, with George Maloof saying the family is looking forward to the next chapter in its history. ‘We all feel good about it – it worked out,’ Maloof said shortly after the family announced it had closed escrow on the sale. The family took over controlling interest of the Kings in 1999. ‘We’re very excited, we’re ready to move on,’ Maloof said. ‘We just feel it’s Vivek’s time and we want to move on.’ There was no official confirmation from the Ranadive group, although new limited partner Andy Miller tweeted that it was ‘time to exhale’ and ‘time to get down to business.’ The new group has already reportedly selected a new coach, Mike Malone, an assistant with the Golden State Warriors, although the hiring hasn’t yet been announced. The Maloofs agreed to sell their 65 percent interest in the Kings on May 16, one day after the NBA board of governors blocked the team’s proposed relocation to Seattle. The rejection effectively killed the Maloofs’ deal to sell the team to Seattle investors led by Chris Hansen and Steve Ballmer. The deal with Ranadive’s group values the entire franchise at just under $535 million – about $90 million less than the Hansen-Ballmer deal.”