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.