http://tracking.si.com/2013/05/31/kings-officially-sold-for-a-record-534-million/?sct=hp_t2_a3&eref=sihp
The sale of the Sacramento Kings is now final with the Maloof family saying Friday that the agreement to sell the family’s controlling interest in the team and ownership of Sleep Train Arena to the Sacramento investor group led by Vivek Ranadive has closed escrow and is now final, the team announced. The transaction valuation equates to a purchase price of over $534 million, which is an NBA record. “We congratulate Vivek Ranadive and the entire Sacramento investor group for their willingness to come forward and purchase the franchise for the people of Sacramento,” says George Maloof. “We are confident they will provide the stewardship necessary to continue to guide the organization to successful levels.” The NBA had blocked the Maloofs from selling the franchise to a Seattle, Wash., group two weeks ago. During the 14 seasons the Maloofs owned the Kings, the team produced 555 regular season wins, including five consecutive 50-plus win seasons, and 32 post-season victories.
They weren't even the current worst owners in the league. Donald Sterling will hold that title so long as he draws breath.
And the owners said they were losing money during the lockout. This is what I kept saying and keep believing ... when one of the weakest teams sells for an NBA Record $534m, annual operation earnings and loss pales in comparison to the value of the Franchise License always rising as a high-demand, fixed-supply commodity. Aren't the Kings one of the financially weakest franchises, but some billionaires didn't care and freaking bought them for a record sales price. Think about it.
If Seattle had a franchise, and the Kings were still forced to sell, this price mightve been much lower...kinda unbelievable that they were able to get that much(brought the Kings in 1998 for $156 mil)
Sacramento fans are rich. I'm sure once they build a new arena and make it to the playoffs, kings fans will be throwing their wallets at the organization.
That's cute. The league is obviously assuming that the Seattle group and deal will still be on the table in four years. There is no guarantee that this is the case. Also, this is set up for failure. If this thing fails a ballot referendum, or encounters a block at the state level, all of this will have been for nothing. The league hung its hat on promises from a city that has been full of broken promises in the last few years.
wow. Why did Stern have to make this public? Won't this hurt the owners ability to negotiate reasonable Contractor and Builder rates, not to mention land purchases, if that is needed?
I wonder how much CF members can gather if everyone chips in. I know bigtexxx alone could spare $100 million.
It's obvious that Stern, while on the surface wants the Kings to succeed in Sacramento, is all about the revenue. He is expecting the Seattle ownership group to be ready to strike in a few years when this all goes down the drain in NoCal.
That be great. The Kings would be (even moreso) the Rockets' farm league. DD & coachbadlee could co-GM and Houston draft picks/great players. And there's nothing in the rules against it.
