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SACRAMENTO (CBS13) – The sale of the Sacramento Kings is complete, the Maloof family announced Friday.
The Sacramento investor group led by Vivek Ranadivé has purchased the team for a valuation of more than $534 million, making this a record price for a NBA team.
“We respect and would like to acknowledge the NBA Board of Governors’ dedication and diligence in working through this process over the past several months,” said George Maloof.
The Maloof brothers – George, Joe, and Gavin – all thanked the NBA and Commissioner David Stern in their efforts throughout the transaction. They also commended Ranadivé and the mayor in their dedication to keep the Kings in Sacramento.
“I also would like to praise Mayor Kevin Johnson and the Sacramento City Council and staff for their efforts and loyalty to the Sacramento community,” said George.
The deal marks the end of the Maloof family’s 14-year tenure as owners of the basketball franchise.