Truth & Rumors > NBA

Sacramento officially keeps Kings

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03:15 AM ET 05.17 | The Sacramento Kings have been sold by the Maloof family to a local investment group led by Vivek Ranadive for a record $535 million, according to Tony Bizjak of the Sacramento Bee. That shatters the $450 million spent by Joe Lacob and Peter Guber to purchase the Golden State Warriors in 2010. An announcement will be made on Friday. This was just a formality after the events on Wednesday, when the NBA Board of Governors voted against the sale of the team to a Seattle investment group led by Chris Hansen that would have relocated the team next season. Hansen's group offered $625 million to buy the team, $90 more than Ranadive's group. "While we are obviously extremely disappointed with today's relocation vote and truly believe we put forth both a significantly better offer and arena plan, we do thank the league and the owners for their time and consideration," Hansen said in a statement.

Golden Gate Sports

Sacramento Kings, AP Photo/Rich Pedroncelli Sacramento Kings, AP Photo/Rich Pedroncelli
May 17, 2013  02:59 PM ET

Sports journalist Dan Lebatard said it best. he threat to "move the team to Seattle" will be leverage b y every owner in the NBA to get a new arena or whatever he or she wants.

May 17, 2013  03:00 PM ET

Does this really matter to anyone other than Seattle and Sacramento? The only question I have is are they going to be any better?

May 17, 2013  03:36 PM ET
QUOTE(#2):

The only question I have is are they going to be any better?

You know the answer to that question!!!!!

May 17, 2013  08:00 PM ET

Finally an Indian dude had to rescue the Sac city. Talk about a successful immigrant, multi-billionaire!

May 17, 2013  08:24 PM ET

...golf clap...

May 18, 2013  10:18 AM ET

There is a sucker born everyday.........

May 18, 2013  10:52 AM ET

This is prime example of a scenario where even when you won, you lost.

 
May 18, 2013  11:09 AM ET

The Queens...

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