HoopsHype Gavin Maloof rumors

June 3, 2013 Updates

So, despite the fact that the Maloofs are leaving town on bad terms, they have some reason to feel nostalgic for the good times they had in Sacramento. On their way out, they thanked the city and team for their 15 years as owners in a full-page ad in Saturday's edition of The Sacramento Bee. Yahoo! Sports

June 2, 2013 Updates

The ad reads: “Thank you Sacramento for 15 wonderful years! The amazing memories created during these past seasons were because of you, the fans, and our dedicated employees. We truly cherish our time as stewards of the Kings franchise. The people of Sacramento warmly brought the Kings into their hearts and for that we will always be grateful. Many thanks to Bob Hernreich and our partners Bud Benvenuti, John Kehriotis, and Dave Lucchetti for their support and commitment to the Kings franchise. We also recognize Mayor Kevin Johnson, the City Council, and the City of Sacramento staff for their efforts and their loyalty to the people of Sacramento. We wish the new ownership group, led by Vivek Ranadive and Mark Mastrov, all the best. We will always love the Kings and we will always be Kings fans. GO KINGS! The Maloof family” For The Win

May 31, 2013 Updates
May 17, 2013 Updates

The Maloof era in Sacramento, at times spirited and uplifting, at times dismal, appears to have come to an end. A Sacramento investors group has reached a deal with the Maloof family to buy its controlling stake in the Kings. The deal is expected to be unveiled today. "It's the start of a new era," said Silicon Valley tech entrepreneur Vivek Ranadive, leader of the Sacramento investor group, speaking to reporters after the Warriors game Thursday night. Sacramento Bee

Ranadive added, "We just need to sign some papers and finalize everything." If the NBA approves the deal, a source told The Bee, escrow is expected to close at the end of May. The source, a stakeholder close to the deal, said the Maloof family was eager to "turn the page" and was pleased it was able to sell to a group that will keep the team in Sacramento. Sacramento Bee

May 15, 2013 Updates
May 14, 2013 Updates
May 13, 2013 Updates
May 12, 2013 Updates

With Wednesday's Board of Governors vote on the fate of the Sacramento Kings looming, the Maloof family, which owns the team, is still trying to find a way to sell the team to a group led by Seattle hedge fund manager Chris Hansen instead of a local group in Sacramento led by software magnate Vivek Ranadive. Their latest gambit would sell 20 percent of the team to Hansen's group for $120 million, which would leave the team in the Maloofs' control, according to a source. NBA.com

The Ranadive group has agreed to match the 65 percent price of $341 million for the Kings in that deal, and has put at least 50 percent of that $341 million into escrow. NBA Commissioner David Stern said last month that while the Sacramento bid to keep the Kings at the time was slightly lower than the Seattle bid, the league considered the Sacramento bid binding. The league was made aware of both sale proposals involving Hansen on Wednesday, according to a source. Although there has been substantial buzz in Seattle that there are potential antitrust issues that could be the basis for a lawsuit against the NBA if Hansen is rejected, Hansen's group remains uninterested in legal remedies if it is rejected Wednesday, according to the source. NBA.com

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