It was nothing more than a formality, but NBA owners converged via conference call this weekend and approved the Sacramento Kings sale to the investor group headed by software tycoon Vivek Ranadive.
The vote still needed to be completed per NBA bylaw, which would allow the transfer of ownership from the Maloof family to Vivek Ranadive and the rest of the Sacramento based investment group to complete. All paperwork and documents needed should be finalized by the end of the month or at the latest, the first week in June – though, the team is now fully under control of Ranadive.
The approved sale effectively ends the fourteen season strangle hold the Maloof family held on the Kings franchise, a grip of two extremes.
While the Maloof family did purchase a minority stake in the franchise in early 1998, the gained full control just a year later and the Kings then went on a run of eight consecutive winning seasons coupled with eight consecutive playoff appearances which turned the Kings into a global phenomenon thanks to their infusion of European talent and flash. But as the Maloof family finances crumbled, so did the Kings who felt the same penny pinch as their owners, resulting in seven consecutive losing seasons.
So for one last and final time, goodbye Joe. Goodbye Gavin. Goodbye Adrienne. Goodbye Phil. Goodbye George and goodbye Mama Maloof.
A new era is upon Sacramento.
Tags: Sacramento Kings