The Maloofs are out. According to the Sacramento Bee, the brothers came out of hiding long enough to to sell the Kings to a group for $535 million. The group, led by Silicon Valley billionaire and Golden State Warriors minority owner Vivek Ranadive, will be keeping the team in Sacramento. The deal is to be formally announced sometime Friday.
If you remember, a Chris Hansen-led Seattle group attempted to buy 65% of the team for $625 million, but the league owners didn't budge. The NBA Board of Governors also met in Dallas on Wednesday and voted overwhelmingly against the the Kings' relocation to Seattle, 22-8.
The Bee reports that the Maloofs said they're eager to "turn the page," and are glad that the team's able to stay in Sacramento. The Maloofs finally have their payday and even though there was posturing here and there, Ranadive is keeping the team in California.
Photo Credit: Associated Press