Gavin Maloof Rumors
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”
The Maloof family today announced that the agreement to sell the family’s controlling interest in the National Basketball Association’s (NBA) Sacramento Kings and ownership of Sleep Train Arena to the Sacramento investor group led Vivek Ranadive has closed escrow and is now final. The transaction valuation equates to a purchase price of over $534 million, an NBA record.
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.
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.
Brian May: Joe & Gavin Maloof were already in BoG meetings. Sacramento will present after Seattle is done
The Maloofs “intend to be loyal to Hansen to the bitter end,” the source said. They have also indicated they do not feel the Sacramento bid, headed by Silicon Valley executive Vivek Ranadive, is complete or competitive with Hansen’s. Still, should the NBA reject the deals on the table with Hansen, the source said the Maloofs have not ruled out a Ranadive offer.
As they head into what could be a historic NBA meeting Wednesday and conferences today on the Kings future, however, the Maloofs continue to make it clear they prefer to cement a deal with the Seattle group led by hedge fund manager Chris Hansen.
Despite repeatedly dismissing overtures from a Sacramento group eager to buy the Kings, the team’s owners have not closed the door on that possibility and were receiving updates from the NBA on the Sacramento group’s efforts as recently as this weekend, a source said Sunday. The team “still has that option,” said a source with knowledge of the Maloof family’s thinking.
Sam Amick: A perception v. reality addendum: to make assumption that Maloofs & Sacramento side are at stand-still without communication would be wrong
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.
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.
David Aldridge: League hoping to entice Maloofs to sell to local group in Sacramento that has offer on $525M valuation for Kings, new arena on table.
League sources say the vote wasn’t delayed, because it was never placed on the agenda for the meetings this week. But that didn’t stop speculation that the league might use the extra time to at least consider adding an expansion team.