NBA

Mayor: Kings deal has been signed

Share This Story

   
 

SACRAMENTO, Calif. (AP)

Sacramento Mayor Kevin Johnson announced to screaming throngs of Kings fans Friday that the deal to sell the NBA franchise to a group led by software tycoon Vivek Ranadive has been signed.

Kings at a glance

 
Sacramento Kings
Looking for the latest on the Kings? Get the inside slant, stats, scores, schedules and more scoops right here.
 

The announcement at a City Hall rally brings to an end nearly five months of maneuvering by Johnson to secure a new ownership group, convince the council to commit to building a new downtown arena, and to show the NBA that the capitol city of the most populous state in the nation has the fan base to make the venture successful.

''This was one heck of a comeback,'' Johnson, a former NBA All-Star, said on a stage shared with two dozen investors, fans and politicians who had worked to keep the franchise in the city.

Earlier this week, NBA owners rejected a bid to move the franchise to Seattle. Investor Chris Hansen, whose agreement to buy the team from the Maloof family and move them to the Pacific Northwest shocked the city in January, fought to acquire the team to the bitter end. He even negotiated to buy a minority share when it became clear the league opposed relocation.

Johnson said that the deal reached between the Maloofs and the Ranadive group did not include an investment from Hansen.

NBA Commissioner David Stern praised Hansen's proposal and said the NBA might consider expansion once a new TV deal is in place.

The mayor was conciliatory toward Seattle, but said he focused throughout the negotiations on promoting Sacramento as thriving city with 19 sellout seasons, one of the longest streaks in the NBA.

''Seattle is a great city and we want them to get a team. For us, it was never a competition. It was about our community telling our story,'' Johnson said, adding: ''It's about not letting someone take something that's not theirs.''

The NBA is expected to officially approve the sale next week.

A person familiar with the deal previously told The Associated Press that the Maloofs had reached an agreement to sell a 65 percent controlling interest at a total franchise valuation of $535 million. The person spoke on condition of anonymity because they weren't authorized to talk publicly.

The plan for the Kings' future includes a $447 million downtown arena that will be built on at the western gateway to the city near the Sacramento River.

The Sacramento ownership group also includes 24 Hour Fitness founder Mark Mastrov, former Facebook senior executive Chris Kelly and the Jacobs family that owns communications giant Qualcomm.

Related Stories

Member Comments

Please note by clicking on "Post comment" you acknowledge that you have read the Terms of Use and the comment you are posting is in compliance with such terms. Be Polite. Inappropriate posts may be removed by the moderator.

powered by


NBA Videos

NBA considering mid-season Vegas tournament? Posted: Jul 16, 2014
Adam Silver confirms the NBA has engaged in early conversations about the possib...

LeBron and Blatt 'will work together beautifully' Posted: Jul 14, 2014
Cavaliers head coach David Blatt on LeBron James' decision to return to Clevelan...

LeBron's back and so are the Cavs Posted: Jul 11, 2014
FOX Sports 1's Gary Payton weighs-in on LeBron's decision to return to Cleveland...

Fox Sports Store

    itemName itemURL imageSrc price itemDescription
    adidas Blake Griffin Los Angeles Clippers Revolution 30 Performance Jersey - Red http://shop.foxsports.com/FOX_Los_Angeles_Clippers/browse/featuredproduct/491845/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_491000/ff_491845_xl.jpg&w=100 59.95 adidas Blake Griffin Los Angeles Clippers Revolution 30 Performance Jersey - Red
    adidas LeBron James Miami Heat Revolution 30 Swingman Performance Jersey-Black http://shop.foxsports.com/FOX_Miami_Heat/browse/featuredproduct/498609/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_498000/ff_498609_xl.jpg&w=100 89.95 adidas LeBron James Miami Heat Revolution 30 Swingman Performance Jersey-Black
    adidas Carmelo Anthony New York Knicks Revolution 30 Swingman Performance Jersey - Royal Blue http://shop.foxsports.com/FOX_New_York_Knicks/browse/featuredproduct/620470/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_620000/ff_620470_xl.jpg&w=100 49.99 adidas Carmelo Anthony New York Knicks Revolution 30 Swingman Performance Jersey..
    Mitchell & Ness San Antonio Spurs Black Solid Script Snapback Adjustable Hat http://shop.foxsports.com/FOX_San_Antonio_Spurs/browse/featuredproduct/692239/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_692000/ff_692239_xl.jpg&w=100 25.95 Mitchell & Ness San Antonio Spurs Black Solid Script Snapback Adjustable Hat
    Majestic Kobe Bryant Los Angeles Lakers Logo Man T-Shirt - Black http://shop.foxsports.com/FOX_Los_Angeles_Lakers/browse/featuredproduct/851828/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_851000/ff_851828_xl.jpg&w=100 23.95 Majestic Kobe Bryant Los Angeles Lakers Logo Man T-Shirt - Black
    Majestic Kevin Durant Oklahoma City Thunder Logo Man T-Shirt - White http://shop.foxsports.com/FOX_Oklahoma_City_Thunder/browse/featuredproduct/851842/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_851000/ff_851842_xl.jpg&w=100 23.95 Majestic Kevin Durant Oklahoma City Thunder Logo Man T-Shirt - White
    adidas Miami Heat 2012 NBA Eastern Conference Champions Locker Room T-Shirt - White http://shop.foxsports.com/FOX_Miami_Heat/browse/featuredproduct/890174/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_890000/ff_890174_xl.jpg&w=100 21.95 adidas Miami Heat 2012 NBA Eastern Conference Champions Locker Room T-Shirt - Wh..
    adidas Oklahoma City Thunder 2012 NBA Western Conference Champions Locker Room Flex Hat - Black http://shop.foxsports.com/FOX_Oklahoma_City_Thunder/browse/featuredproduct/890384/source/foxsports_prsp_ca http://images.footballfanatics.com/FFImage/thumb.aspx?i=/productImages/_890000/ff_890384_xl.jpg&w=100 19.99 adidas Oklahoma City Thunder 2012 NBA Western Conference Champions Locker Room F..