George 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”
George Maloof revealed that his family entertained offers from three investor groups in the past year – the Hansen-Ballmer team, as well as a group seeking to move the team to Las Vegas and a buyer who promised to keep the team in Sacramento. He wouldn’t identify the suitors from Las Vegas or Sacramento.
“We respect and would like to acknowledge the NBA Board of Governors’ dedication and diligence in working through this process over the past several months. On behalf of my family, I would like to thank Commissioner David Stern and the NBA staff who worked tirelessly on this transaction. I also would like to praise Mayor Kevin Johnson and the Sacramento City Council and staff for their efforts and loyalty to the Sacramento community,” said George Maloof, Kings co-owner speaking on behalf of Maloof family members Colleen, Joe, Gavin, Adrienne, and Phil.
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.