The majority owners of the Sacramento Kings are now officially an investor group led by Vivek Ranadive.
The Maloof brothers announced Friday morning the sale of their controlling interest in the NBA team has closed escrow and is final.
The official transaction value of the purchase is over $534 million, which according to the Maloof family is an NBA record.
“We respect and would like to acknowledge the NBA Board of Governors’ dedication and diligence in working through this process over the past several months. On behalf of my family, I would like to thank Commissioner David Stern and the NBA staff who worked tirelessly on this transaction,” said George Maloof. He went on to praise Sacramento Mayor Kevin Johnson and the Sacramento City Council for their efforts and loyalty to Sacramento.
“We are confident they (Ranadive and investor group) will provide the stewardship necessary to continue to guide the organization to successful levels,” said George Maloof in a statement.
In response to the news, NBA Commissioner David Stern released a statement, ““We are pleased for both the Maloof family and the Ranadive group, but particularly pleased for the fans of the Kings.”
Friday’s news comes after months of back-and-forth for Kings’ fans. Earlier this year it became known a group in Seattle was making an offer to the Maloofs to purchase the team and move them.
Since then, Mayor Kevin Johnson worked to bring together investors to not only make a competing bid but to also get together plans for a new arena and entertainment complex downtown. See photos of the proposed new complex here.