{"id":19102,"date":"2013-05-28T14:20:07","date_gmt":"2013-05-28T19:20:07","guid":{"rendered":"http:\/\/csinewsnow.com\/?p=19102"},"modified":"2013-05-31T14:43:54","modified_gmt":"2013-05-31T19:43:54","slug":"deal-signed-to-keep-kings-in-sacramento","status":"publish","type":"post","link":"https:\/\/csinewsnow.com\/?p=19102","title":{"rendered":"Kings Sale Closes Escrow"},"content":{"rendered":"

\"\"<\/a>\u00a0By ANTONIO GONZALEZ
\n\u00a0AP Sports Writer May 31, 2013
\n\u00a0\u00a0\u00a0\u00a0 The sale of the Sacramento Kings is finally complete.
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\n\u00a0\u00a0\u00a0\u00a0 The Maloof family announced Friday that the agreement to sell the Kings and Sleep Train Arena to a group led by Vivek Ranadive (VIHV’-ehk rah-nah-DEE’-vay) closed escrow. Ranadive’s group acquired a 65 percent controlling interest in the team at a total franchise valuation of more than $534 million, topping the NBA record of the $450 million that Joe Lacob and Peter Guber bought the Golden State Warriors for in 2010.
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\n\u00a0\u00a0\u00a0\u00a0 Brothers George, Joe and Gavin Maloof thanked the NBA and Commissioner David Stern for their work in helping complete the transaction. The family also congratulated Ranadive and praised Sacramento Mayor Kevin Johnson and the City Council “for their efforts and loyalty to the Sacramento community.”<\/p>\n

 <\/p>\n

Previously…<\/p>\n

By ANTONIO GONZALEZ
\n\u00a0AP Sports Writer May 28, 2013…
\n\u00a0\u00a0\u00a0\u00a0 The NBA Board of Governors has unanimously approved the sale of the Sacramento Kings to a group led by TIBCO Software chairman Vivek Ranadive.
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\n\u00a0\u00a0\u00a0\u00a0 The NBA said in a statement Tuesday that the “transaction is expected to close shortly.”
\n\u00a0
\n\u00a0\u00a0\u00a0\u00a0 After league owners blocked the sale and relocation of the franchise to Seattle earlier this month, the Maloof family reached an agreement to sell a 65 percent controlling interest in the Kings to Ranadive’s group at a total franchise valuation of $535 million. The group also includes 24 Hour Fitness founder Mark Mastrov, former Facebook senior executive Chris Kelly and the Jacobs family that owns communications giant Qualcomm.<\/p>\n

Previously…<\/p>\n

SACRAMENTO, Calif. (AP) – Sacramento Mayor Kevin Johnson said Friday that the deal to sell the Kings to a group led by software tycoon Vivek Ranadive has been signed.
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\n\u00a0\u00a0\u00a0\u00a0 Johnson helped assemble the new ownership group in a bid to keep the Kings in California’s capital city, a feat that was accomplished earlier in the week when NBA owners rejected a bid to move the franchise to Seattle.
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\n\u00a0\u00a0\u00a0\u00a0 The NBA is expected to officially approve the sale next week.<\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0By ANTONIO GONZALEZ \u00a0AP Sports Writer May 31, 2013 \u00a0\u00a0\u00a0\u00a0 The sale of the Sacramento Kings is finally complete. \u00a0 \u00a0\u00a0\u00a0\u00a0 The Maloof family announced Friday that the agreement to sell the Kings and Sleep Train Arena to a group led by Vivek Ranadive (VIHV’-ehk rah-nah-DEE’-vay) closed escrow. Ranadive’s group […]<\/p>\n","protected":false},"author":3,"featured_media":19103,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":["post-19102","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sports"],"_links":{"self":[{"href":"https:\/\/csinewsnow.com\/index.php?rest_route=\/wp\/v2\/posts\/19102","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/csinewsnow.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/csinewsnow.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/csinewsnow.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/csinewsnow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=19102"}],"version-history":[{"count":6,"href":"https:\/\/csinewsnow.com\/index.php?rest_route=\/wp\/v2\/posts\/19102\/revisions"}],"predecessor-version":[{"id":20084,"href":"https:\/\/csinewsnow.com\/index.php?rest_route=\/wp\/v2\/posts\/19102\/revisions\/20084"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/csinewsnow.com\/index.php?rest_route=\/wp\/v2\/media\/19103"}],"wp:attachment":[{"href":"https:\/\/csinewsnow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=19102"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/csinewsnow.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=19102"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/csinewsnow.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=19102"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}