Ending a few years, really, of speculation the NBA Board of Governors has approved the sale of the Sacramento Kings from the Maloof brothers to the Sacramento-based group led by Vivek Ranadive and other civic leaders.
Ranadive will now have to officially divest himself of his interest in the Golden State Warriors. The Maloof family paid $156 million in 1998 for the majority stake and Ranadive will pay around $200-million in cash. The Ranadive group will also assume the Kings' debts to the NBA and the city of Sacramento. That adds up to $347-million...
Forbes Magazine has valued the team at $535 million and they'll move into an 18,500-seat arena complex set to cost $448-million. Ranadive's group pays $190-million of that and the city will pay the rest.
Here was the Kings rally once everything was almost set in place...
((HT: news10.net))
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