SACRAMENTO (CBS13) — Sacramento Mayor Kevin Johnson announced that the sale of the Sacramento Kings was officially done at a Friday morning press conference.
“The community rose up and did what nobody except for the folks in this town and this region thought we could do,” said Johnson to a large crowd of fans and supporters.
The Maloofs and the mayor’s assembled investor group — led by Vivek Ranadivè — reached an agreement to sell the Sacramento Kings for $535 million.
A deal had been expected before the end of the week after the NBA Board of Governors voted Wednesday to reject Seattle’s bid to relocate the Kings.
“I anticipate (the Maloofs) will come to be open,” NBA Commissioner David Stern said following the vote, adding the league would appreciate a deal be done quickly to hold Johnson and the city to its promises.
The 22-8 vote also ended a bid for the Maloofs to sell to Seattle investor Chris Hansen, who had raised his big twice in an effort to sway NBA owners.
The Sacramento deal still needs league approval next week, but sources say that will be a formality.