The Sacramento Kings’ unsteady future finally seems to be settled. A person familiar with the deal says the Maloof family has reached an agreement with a Sacramento group to sell a 65 percent controlling interest in the Kings at a total franchise valuation of $535 million.
The Maloof family is asking NBA owners to approve the sale of the Kings to a Seattle group, saying there is “significant distance between us and the Sacramento group.”
The moment will be seared into the minds of long-suffering Sacramento Kings fans forever. Sacramento Mayor Kevin Johnson and Kings owners Joe and Gavin Maloof standing together at center court, holding hands and raising their arms in triumph after both sides agreed to an arena financing plan to keep the NBA team in town for at least another 30 years.