Originally posted on The Sports Bank  |  Last updated 5/17/13

In the words of Dr. Dre: “Sacramento! Sacramento where you at?…..California Love!” On Wednesday, NBA owners officially rejected a bid to relocate the Sacramento Kings to Seattle. Late Thursday night/early Friday morning  (depending on your time zone) team owners agreed to sell the franchise to a Sacramento based group, sources told ESPN.com. Software billionaire Vivek Ranadive purchased 65 percent of the Sacramento Kings from the Maloof family for approximately $348 million. The Kings’ total valuation in the sale is $535 million, an NBA franchise record. So if you’re hoping for a return of the Seattle Supersonics; sorry. You’re out of luck. The Sacramento Bee first reported that a deal had been reached. With the $60 million debt to the city of Sacramento, plus debts owed to the NBA, the Maloofs should net more than $200 million from this sale. Quoting Dr. Dre again, because really we can never quote him enough: “hella Swiss or mozzarella, pockets swella, getting money like a bank teller.” The official announcement from the Sacramento Kings and league is expected sometime Friday. Paul M. Banks is the owner of The Sports Bank.net, an author and regular contributor to MSN, Fox Sports , Chicago Now, and Walter Football. Banks has appeared on the History Channel, as well as Clear Channel, ESPN and CBS radio all over the world. President Barack Obama follows him on Twitter (@PaulMBanks) The post Sacramento Kings staying in town; not moving to Seattle appeared first on The Sports Bank.Net.

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