The Kings franchise will stay rooted in Sacramento as the Maloof family has agreed to sell their controlling stake in the team to a Sacramento-based group of investors led by Vivek Ranadivé, the Jacobs family, Raj Bhathal, Mark Mastrov and others. The official announcement of the deal is expected to come on Friday, and a press conference has been scheduled for 1 p.m. ET. If the NBA approves the deal in the near future, escrow could close by the end of May, according to a Sacramento Bee report.
Ranadivé called the deal "the start of a new era" for the Kings during an interview after the Warriors' Game 6 loss to the Spurs on Thursday night. He said the two sides "just need to sign some papers and finalize everything" at this point, and noted that the $347 million sale price for the Maloofs' share floated in reports is "about right," which fits with the NBA-record $535 million valuation for the franchise.
The Maloof family is reportedly eager to "turn the page" and sell to the local group of investors, and Ranadivé promised "[w]e'll make sure [the Maloofs] get the exit they deserve." Ranadivé is prepared to pay $200 million for his stake in the team, and he will serve as a managing partner for the franchise, according to the same Sacramento Bee report. San Diego investors Paul, Jeff and Hal Jacobs would serve as vice chairmen of the franchise on a rotating basis.