SACRAMENTO (CBS13) — The Kings deal is nearly complete. So what does that mean?
Word of the $535 million deal sending the Sacramento Kings from the Maloofs to a group led by Vivek Ranadive came out Thursday night.
The NBA is expected to officially approve the sale next week.
The deal followed a 22-8 vote this week by the NBA’s Board of Governors rejecting a move to Seattle, which was sought by a group led by Seattle investor Chris Hansen. That vote essentially killed that deal.
Mayor Kevin Johnson celebrated the news of the Ranadive group and the Maloofs reaching a deal Friday at City Hall this morning.
“Let me say this Sacramento, this was our playoffs,” he said.
Fans packed the room, sporting Kings jerseys and the color purple. Many said they were excited about the new arena and can’t wait to fill it.
“I’m just so excited as a community,” Johnson said. “We did what people said we couldn’t do.”
This deal has been Kevin Johnson’s focus for the past two years, and with it finished, he’s ready for the city to reap the benefits.
“This was such a defining moment for our community. This is transformative,” he said. “This community we know and love will never be the same.”
While there has been a lot of animosity toward the Maloofs in recent years, Johnson made a point to thank the Maloof family for selling to Vivek Ranadive.
“Let’s be a community with a long memory that remembers those good days and good things,” he said. “They did not have to accept a backup offer and they did.”
The timeline for getting a new downtown arena built was updated on Friday. The goal now is to break ground in October 2014 with a projected opening in October 2016.
Season tickets will go on sale starting on Tuesday. A Kings representative said they are working on renewing current season ticket holders and getting the rates set for next season.
A rally will be held on Wednesday in Cesar Chavez Park, headlined by the Sacramento band Cake.