The Maloof family has apparently completed its sale of the Sacramento Kings to the Vivek Ranadive-led Sacramento based group. After a long process that began with a Seattle-based group buying the franchise, only to have the NBA reject the relocation of the team, the deal to the Ranadive's Sacramento-based group for $535 million deal has been finalized, according to Tony Bizjak of the Sacramento Bee.
A Sacramento investors group has reached a deal with the Maloof family to buy the Kings for an NBA record valuation of $535 million, a source has told The Sacramento Bee.
The deal is expected to be officially announced on Friday, according to Bizjak. The full purchase price is expected to be in escrow by the end of May.
In April, the NBA's relocation committee voted unanimously in favor of keeping the Kings in Sacramento, rejecting a bid made by Chris Hansen out of Seattle. On May 15, a financial committee met in Dallas and also voted against relocation, 22-8. The final step was for the Maloof family to complete the sale to Ranadive's Sacramento group, which emerged as an alternative to Hansen's bid. That has now been completed.
Bizjak also reports that the Maloofs are "pleased" that they were able to sell to a group that will keep the Kings in Sacramento and are "eager" to move forward.