User ID
Password
  Forgot User ID
or Register Today!
VegasInsider.com
VI Mobile Scores and Betting OddsVI Mobile Scores and Betting Odds Be Social
Home
NFL
NBA
NHL
MLB
NCAA FB
NCAA BK
Golf
Auto
Horses
Soccer
Boxing/MMA
More
Betting Tools

 
Mayor: Deal to sell Kings has been signed

SACRAMENTO, Calif. (AP) - Sacramento Mayor Kevin Johnson announced to screaming throngs of Kings fans Friday that the deal to sell the NBA franchise to a group led by software tycoon Vivek Ranadive has been signed.

Advertisement
The announcement at a City Hall rally brings to an end nearly five months of maneuvering by Johnson to secure a new ownership group, convince the council to commit to building a new downtown arena, and to show the NBA that the capitol city of the most populous state in the nation has the fan base to make the venture successful.

``This was one heck of a comeback,'' Johnson, a former NBA All-Star, said on a stage shared with two dozen investors, fans and politicians who had worked to keep the franchise in the city.

Earlier this week, NBA owners rejected a bid to move the franchise to Seattle. Investor Chris Hansen, whose agreement to buy the team from the Maloof family and move them to the Pacific Northwest shocked the city in January, fought to acquire the team to the bitter end. He even negotiated to buy a minority share when it became clear the league opposed relocation.

Johnson said that the deal reached between the Maloofs and the Ranadive group did not include an investment from Hansen.

NBA Commissioner David Stern praised Hansen's proposal and said the NBA might consider expansion once a new TV deal is in place.

The mayor was conciliatory toward Seattle, but said he focused throughout the negotiations on promoting Sacramento as thriving city with 19 sellout seasons, one of the longest streaks in the NBA.

``Seattle is a great city and we want them to get a team. For us, it was never a competition. It was about our community telling our story,'' Johnson said, adding: ``It's about not letting someone take something that's not theirs.''

The NBA is expected to officially approve the sale next week.

A person familiar with the deal previously told The Associated Press that the Maloofs had reached an agreement to sell a 65 percent controlling interest at a total franchise valuation of $535 million. The person spoke on condition of anonymity because they weren't authorized to talk publicly.

The plan for the Kings' future includes a $447 million downtown arena that will be built on at the western gateway to the city near the Sacramento River.

The Sacramento ownership group also includes 24 Hour Fitness founder Mark Mastrov, former Facebook senior executive Chris Kelly and the Jacobs family that owns communications giant Qualcomm.

Copyright 2017 by STATS LLC and Associated Press.
Any commercial use or distribution without the express written
consent of STATS LLC and Associated Press is strictly prohibited.

  
HEADLINES
Mejia: Monday's NBA Essentials
Akins: Hoop Trends - Monday
News: Updated MVP Betting Odds
Westbrook, OKC top Kings as 'over' hits
Pistons beat Lakers 102-97 to snap skid
Harden nets triple-double, Rockets roll
McDermott leads Bulls past Grizzlies
Mavs slow down Wolves, 'under' hits
DeRozan has 23, Raptors rout Knicks
MORE HEADLINES
 
Why Buy Picks From VegasInsider.com
NBA Pro Basketball Handicapper Sports Picks Records
NBA Hot Streaks
11-4 L15 G-Plays, 26-10 L36 Totals
3-0 L3, 22-9 Streak, 8-1 Totals
5-1 L6 Picks, 9-2 L11 G-Plays
8-1 L9, 15-5 L20 Guarantees
4-0 L4, +1,487 Guarantees TY
8-3 L11 Picks, 5-2 L7 Over/Unders
14-5 L19 Guaranteed Plays
+1,796 Overall This Season
10-4 L14, 15-6 L21, 35-17 G-Plays
4 Straight NBA Winners
8-3 Last 11 NBA G-Plays
8-3 L11 Over/Under Plays
6-2 Record L8 Selections
NBA Pro Basketball Expert Sports Picks - Cleveland Cavaliers at Golden State Warriors
2016 NBA SEASON PICK RECORDS
Money Leaders
Handicapper Money
Doc's Sports + 1796
Mark Franco + 1232
Chip Chirimbes + 1140
Last 7 Day Leaders
Handicapper Money
Don Anthony + 292
ASA + 280
Paul Bovi + 275
Percentage Leaders
Handicapper Pct
Mark Franco 58 %
Doc's Sports 56 %
Stephen Nover 55 %
Guaranteed Leaders
Handicapper Money
Alex Smart + 1487
Chip Chirimbes + 949
ASA + 771
Over-Under Leaders
Handicapper Money
Paul Bovi + 968
Bill Marzano + 960
Jimmy Boyd + 584
Member Leaders
Handicapper Money
Mark Franco + 957
Bill Marzano + 738
Alex Smart + 540
MORE PICK RECORDS
  
corner graphic
With a VI Gold Membership, you can SAVE 10% off a Live Odds subscription, SAVE 20% off Daily Pick packages, and receive access to up to 1,000 Member Plays each month!
VI Gold Membership