Kings sold to Sacramento group

According to ESPN, one day after the NBA owners rejected the bid for the Sacramento Kings to relocate to Seattle, the Maloof brothers have agreed to sell the team to the Sacramento-based group led by billionaire Vivek Ranadive.

The group will be purchasing 65 percent of the ball club for approximately $348 million, sources said. The Kings’ total valuation  in the deal is set at $535 million. According to NBA commissioner David Stern, Ranadive has already put more than $200 million in an escrow account.

Ranadive is a part-owner of the Golden State Warriors, but will have to sell his stake in that team. He has secured commitment from government officials to come up with $250 million in funding for a new team arena.

Sacramento Mayor Kevin Johnson worked very hard to keep the Kings in Sacramento and rallied investors in an effort to provide the Maloof family an alternative to selling the team to the Seattle-based group led by fund manager Chris Hansen and Microsoft CEO Steve Balmer.