And like that, it’s over.
Just a bit over twenty-four hours since the NBA voted to deny relocation to the Seattle based Hansen-Ballmer group, a sale has been completed between the Maloof family and the Sacramento based investment group attempting to keep the Kings in Sacramento.
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.
Details of the sale are expected to be announced tomorrow and in the coming days.
It was reported yesterday that George Maloof had asked the NBA to expedite the deal, hoping to complete the sale within “24-48″ hours and that’s exactly what has happened. The $535 million dollar valuation is an all-time NBA sales record, $10 million more than the originally agreed upon price the Maloof family struck with the Seattle based Hansen-Ballmer group.
The sale ends the Maloof’s fourteen year run as majority owners of the Kings franchise.
We’ll continue to update the story as news breaks.
Tags: Sacramento Kings