NBA owners had rejected bid to relocate the franchise yesterday.
Following the decision made by the NBA owners and league commissioner David Stern, the Maloof family are set to complete the sale of the Sacramento Kings to a local group led by software magnate Vivek Ranadive.
Ranadive has agreed to purchase 65 percent of the Kings from the Maloofs, in a deal speculated to be worth around $348m. Sources suggested that the franchise’s total valuation in the sale stood at $535m, an NBA record.
The Maloofs had owned the team since 1998, and were in discussions with a group from Seattle led by businessman Chris Hansen, to move the franchise there.
However, the league’s owners supported the idea of the Kings remaining in Sacramento and Stern revealed that the deal should be signed and completed by the end of the week.
Hansen’s request to move the Kings to Seattle was rejected by the NBA’s Board of Governors in a 22-8 vote on Wednesday.
Ranadive is also a part owner in the Golden State Warriors, but as per NBA rules he will have to sell his share in the Oakland-based franchise to take up his role as majority owner of the Kings.
Amongst his plans for the franchise is a new arena, and he will hoping to receive the green light to complete his takeover from the other owners and respective financial officials by the end of the week.
As for Seattle, both Stern and deputy commissioner Adam Silver reiterated that the league could potentially look at expansion as a solution, but only when the current television agreements are up for renewal.
Silver added that the league had “regretted leaving Seattle, and hoped that NBA basketball would return to the city soon.