In the words of Dr. Dre: “Sacramento! Sacramento where you at?”
On Wednesday, NBA owners officially rejected a bid to relocate the Sacramento Kings to Seattle. Late Thursday night/early Friday morning (depending on your time zone) team owners agreed to sell the franchise to a Sacramento based group, sources told ESPN.com.
Software billionaire Vivek Ranadive purchased 65% of the Sacramento NBA team from the Maloof family for $348 million. The Kings’ valuation in the deal is $535 million, an NBA franchise record. So if you’re hoping for a return of the Seattle Supersonics; sorry. You’re just out of luck.
The Sacramento Bee first reported that a deal had been reached earlier tonight.
With the $60 million debt to the city of Sacramento, plus debts owed to the NBA, the Maloofs should net more than $200 million off this transaction. Quoting Dr. Dre again, because really we can never quote him enough: “hella Swiss or mozzarella, pockets swella, getting money like a bank teller.”
The official announcement from both the Sacramento Kings and league is expected sometime Friday.Powered by Sidelines Follow paulmbanks