Do the Maloofs still own the Sacramento Kings?
Sports. The family owned the NBA’s Sacramento Kings from 1998 until 2013. The Maloof family also briefly owned the Houston Rockets from 1979-1982, and the Rockets made the NBA Finals in 1981 before the team was sold to Charlie Thomas in 1982.
Did the Sacramento Kings get sold?
The Maloof family has agreed to sell the Sacramento Kings to hedge fund manager Chris Hansen and Microsoft CEO Steve Ballmer for $525 million, plus a relocation fee the buyers will pay the league that will likely be well in excess of $30 million, according to my sources familiar with the transaction.
Who bought the Sacramento Kings?
Arctos Sports Partners has reached an agreement to buy a 17% stake in the Sacramento Kings in a deal that values the NBA franchise at $1.8 billion, according to people familiar with the transaction.
Why did the Kings not move to Seattle?
On February 6, 2013, David Stern stated the Seattle ownership group had filed with the NBA for franchise relocation from Sacramento to Seattle. In order for Ranadivé to purchase the Kings, he would be required to sell his minority share of the Golden State Warriors.
How much does it cost to buy the Kings?
The purchase price of $535 million is the highest valuation in NBA history. On Friday morning, members of the new ownership group, city council officials and fans gathered to celebrate at Sacramento City Hall with a press conference to announce the news.
How much of the Sacramento Kings Does Shaq own?
As part of his new exclusive partnership, O’Neal is required to sell his minority stake in the Sacramento Kings — which equals out to roughly 2-4% of an NBA team that’s now valued at $1.9 billion (What’s interesting is that the team was reportedly valued at $534 million at the time he became partial owner).
When did the Sacramento Kings sell their team?
On January 21, 2013 it was confirmed that a deal to sell the team to the Seattle-based ownership group was reached, with the contingency that the NBA Board of Governors approve the deal.
Who is the mayor of the Sacramento Kings?
Sacramento Mayor Kevin Johnson, with the help of local business owners and a rabid fan base, was successful in saving the franchise and persuading the NBA to force the Maloofs to sell the team to the Vivek Ranadivé group.
When did the Sacramento Kings move to Anaheim?
On February 19, 2011, NBA commissioner David Stern admitted that the Kings and officials in Anaheim, California had discussions about relocation. It was later found that the organization went as far as to file for a trademark of the name Anaheim Royals, among others.