AP: eb1516ee-5099-4551-be20-633aceb942d4
The Maloof brothers, owners of the Sacramento Kings, have reached an agreement to sell the team to Chris Hansen and his group of Seattle-based investors. (AP)

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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 (17)


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  • Newton wrote...
    I sure hope Larry can give scaramento some money.
    February 6, 2013 5:26 pm
    Seattle ends up with this team. Thats bad.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Uncle Phil wrote...
    Not a perfect analogy, but...
    February 6, 2013 9:36 pm
    I kind of feel like someone with a loved one that needs an organ transplant. I want him to live, but for that to happen I have to wait for someone else to die. I want my Sonics back, but I also want Sacramento and Mayor Johnson to do everything they can to save their team first.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • AKAF wrote...
    Just get the deal done...
    February 6, 2013 10:52 pm
    so we can bring a real major league sport to this area...the NHL! 'Yotes are open for the picking. Plz just don't charge my family $50.00 per ticket to view hockey from the upper rafters like Colorado Avalanche does. Good seats but pricey!
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Daddy Dennis wrote...
    Yes, it is real.
    February 7, 2013 3:50 am
    Isaiah Thomas is coming back home and bringing a team with him!

    Kansas City should get the Kings history. K.C. has the arena built and ready. It will be a gift of love from one city to another. While we are at it, give the Royals history to Cincinnati or Rochester.

    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • messiah101 wrote...
    Sounds as if Hansen needs to look for another team
    March 24, 2013 3:16 pm
    The Kings are staying in Sac-Town.The NBA is not going to allow a team with a arena deal and viable local owners to go anywhere.Its a shame that the taxpayers are paying for more then half the costs of the new arena.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Teahawk wrote...
    The NBA doesn't care about anything other than making money,,,
    March 24, 2013 9:15 pm
    That's not going to happen in Sacramento under any circumstances.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Frogsplash wrote...
    Actually Messiah
    March 24, 2013 10:24 pm
    According to David Carter, director of the Sports Business Institute at the University of Southern California, the NBA will be focusing more on the long-term economic outlook, TV revenue and corporate contributions each city offers. Now add in the fact that the sale is already done, the owners just have to either approve or reject the deal. Are the owners going to set a precedent by saying no to a deal that is already in place, possibly affecting any future deal that one of them might have in place in the future? At this point it's not just about whether or not Sacramento has an arena deal and local owners ready to step up.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • messiah101 wrote...
    Froggie
    March 25, 2013 8:09 am
    And why should anyone pay any attention to what a guy who works for USC has to say about how the NBA plans to operate in the future?Where did you come up with the statement that the sale is already done?Yes I understand that Hansen gave a deposit but the Maloofs continued shopping the team and Sacramento continued with a new arena plan as well as finding local ownership which can only lead one to conclude that Hansen DID NOT have a 100% Binding contract
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • sfk360 wrote...
    Messiah
    March 25, 2013 9:50 am
    The Malloofs did not continue shopping the team. All this is is Sacramento making a last ditch effort like we did here. They're not "shopping the team". What evidence do you have to support that?
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • messiah101 wrote...
    Sfk360
    March 25, 2013 10:39 am
    The Sacramento Mayor received permission from the NBA to present a counter offer to Hansens bid according to a Marc Stein article on 1/21/13 on the ESPN site.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Teahawk wrote...
    Nice logic: Sacremento Mayor = Maloofs...
    March 25, 2013 11:22 am
    NBA brass are just going through the motions so they don't look as heartless as they are. If your city has a team, as a fan you should be prepared to be bullied into your city or ownership group building that team a new arena every 15-20 years. The only thing that matters here is the prospective long term financials and how solid the potential arena deals are. It should be easy for them to compare earning potentials between the 2 cities and make a decision.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • sfk360 wrote...
    Messiah
    March 25, 2013 12:36 pm
    Yeah they get to present a counter offer, but the idea that the Malloofs were shopping the team to others is false.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Frogsplash wrote...
    Messiah, as pointed out, you are once again incorect
    March 25, 2013 1:41 pm
    The 30 million Hansen paid to the Maloofs finalized the sale. How could you not know this? Why do you keep posting on a topic that you repeatedly get shown to be completely wrong on?There is no "shopping" by the Maloofs. Yes, the NBA said Sacramento is free to make a counter-offer, but that counter offer has nothing to do with the deal the Maloof's and Hansen have in place. The only thing the counter-offer is designed to do is to get the NBA to reject the sale to Hansen. Even if the NBA rejects the deal, there is nothing that requires the Maloofs to then sell to this Sacramento group.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • clevesside wrote...
    See you in court...again.....
    March 25, 2013 10:29 am
    ...a preposition continues in that any event preventing the Maloofs sale to Hansen and co. will result in litigation. This still stands as far as I know. Do the owners want relocation or ownership transfer determined by the courts? Does anyone?! Think of the time involved and ask yourself, "how expedient is this? How huge of an impact on the NBA season?" Save me a seat, maybe.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • clevesside wrote...
    And I wonder.....
    March 25, 2013 10:30 am
    ...just who is "Larry?"
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • LawmansBrute wrote...
    Sounds like Stern...
    May 11, 2013 6:21 pm
    Is going to attempt to invoke the "best interests of basketball" clause. If it means he will try and force a sale to the Sacramento group, there isn't a court in the nation that wouldn't grant a TRO and preliminary injunction should the Maloofs or the Hansen group file an antitrust complaint. If Stern wants to go that nuclear he will lose.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • Stinkpots wrote...
    Now or Never
    May 12, 2013 8:59 pm
    It really seems like this Hansen and Co. understand there is no guarantee of a securing a team in the future. Might as well go all in now.
    { "Thumbs Up":"1","Thumbs Down":"-1" }
  • { "Thumbs Up":"1","Thumbs Down":"-1" }

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