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Maloofs Reach Agreement to Sell Kings to Sacramento Group



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(Sacramento, CA)
Friday, May 17, 2013
The source says the agreement is "preliminary" and that a formal announcement will not be made until "all of the i's are dotted and t's are crossed."
 
Sacramento Mayor Kevin Johnson confirms there is a deal in place, as he forecast yesterday, but is not releasing details.  He is holding a press conference at 10 a.m. at Sacramento City Hall.
 
The deal values the Kings franchise at $535 million according to the Associated Press.
 
The Maloof family and Robert Hernreich shares total 65 percent of the team.  There shares would then be worth $347.75 million.
 
The National Basketball Association is not commenting yet, saying the deal is private transaction and the league does not have the details.
 
The deal comes within the 48-hour time period alluded to by NBA Commissioner David Stern after league owners voted down a request by the Maloofs to move the team to Seattle.
The source says the agreement is "preliminary" and that a formal announcement will not be made until "all of the i's are dotted and t's are crossed."
 
Sacramento Mayor Kevin Johnson confirms there is a deal in place, as he forecast yesterday, but is not releasing details.  He is holding a press conference at 10 a.m. at Sacramento City Hall.
 
The deal values the Kings franchise at $535 million according to the Associated Press.
 
The Maloof family and Robert Hernreich shares total 65 percent of the team.  Their shares would then be worth $347.75 million.
 
The National Basketball Association is not commenting yet, saying the deal is private transaction and the league does not have the details.
 
The deal comes within the 48-hour time period alluded to by NBA Commissioner David Stern after league owners voted down a request by the Maloofs to move the team to Seattle.

 

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