Mayor: Deal to sell Kings has been signed

May 17, 2013 @ 12:14 pm

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.

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.


(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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Comments (5)


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  • CH wrote...
    wow other stories say it a done deal . . . .
    January 9, 2013 5:02 pm
    I want to get to the truth - get me a fake news reporter on the line.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Mike17Will wrote...
    You didn't even read this story obviously
    March 12, 2013 7:57 am
    Hansen said no inference should be drawn between the start of a ticket waitlist and the efforts in closing the purchase of the Kings and relocating them to Seattle for the 2013-14 season. "We are in the midst of working through the approval and relocation process with the NBA, and we would expect a determination to be made at the Board of Governors meeting in mid-April," Hansen wrote. Doesn't sound like a done deal to me
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Hawkin wrote...
    I think the Plot is setting in...
    March 11, 2013 5:13 pm
    Fasten ya seat belt West Coast. Gots ta believe da road is about to get done rocky. (cue the General Lee horn from the Dukes of Hazard followed by some Waylon Jennings)
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Hawkin wrote...
    To anyone who
    March 11, 2013 7:21 pm
    may want to read racist connotations into the above comment, that is not the case. My favorite athletes are non Caucasian and one of them is Bill Russell. To learn about Bill Russell is to learn about integration and team on the court and in life. Some of his direct experiences of racism are eye opening along with other players from his era. I also grew up loving the Dukes of Hazard. I am probably being over reactive, at the time of posting this comment no one had said the comment was racist, but I felt the need after reading it in the thread. (Please vote for me when I run for office)
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • MossBro wrote...
    Keep them in the Dark
    March 12, 2013 10:57 am
    WOW 710am i see the "Smoke Screen" is in full effect , Last Night i went to bed after reading this artical with 9 comments on it , but when i woke up the negitive ones were gone , now left with 4. Out side of your little studio NOBODY CARES about the Sonics , In the "Real World" people are hurting , People are having to cut back , maybe tou should get a clue ?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • { "Thumbs Up":"1","Thumbs Down":"-1" }