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05-17-2013, 12:52 AM
Just a day after NBA owners officially rejected a bid to relocate the Sacramento Kings to Seattle, the team's owners have agreed to sell the Kings to a Sacramento-based group, sources told ESPN.com.
Software billionaire Vivek Ranadive came to an agreement to purchase 65 percent of the Kings from the Maloof family for approximately $348 million, sources said. The Kings' total valuation in the sale is $535 million, an NBA record.
The Maloofs, who have owned the team since 1998, had hoped to sell the stake to a group of Seattle businessmen that was offering $406 million for their shares. The family later proposed to keep controlling interest of the team but sell off a 20 percent stake to the Seattle group.
http://espn.go.com/nba/story/_/id/928438...ng-sources
Software billionaire Vivek Ranadive came to an agreement to purchase 65 percent of the Kings from the Maloof family for approximately $348 million, sources said. The Kings' total valuation in the sale is $535 million, an NBA record.
The Maloofs, who have owned the team since 1998, had hoped to sell the stake to a group of Seattle businessmen that was offering $406 million for their shares. The family later proposed to keep controlling interest of the team but sell off a 20 percent stake to the Seattle group.
http://espn.go.com/nba/story/_/id/928438...ng-sources
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Messages In This Thread
Sacramento Kings has new owners - by Strikeout King - 05-17-2013, 12:45 AM
Sacramento Kings has new owners - by Strikeout King - 05-17-2013, 12:52 AM
Sacramento Kings has new owners - by LWC - 05-31-2013, 11:34 AM
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