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.
An official announcement is expected Friday.
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.
That's a pretty hefty price tag. I wonder if it comes with the #1 pick in the 2014 NBA lottery (aka. Andrew Wiggins), similar to the Hornets pending owners landing the #1 pick last year. I assume this year's #1 pick is still headed to Orlando. Just kidding. Everyone knows the NBA doesn't do stuff like that.
I'm happy the Kings are staying in Sac...