Page last updated on Fri Oct 09 12:14:28 EDT 2015
Tue, 21 May 2013 02:30 AM EDT

Sacramento Mayor Kevin Johnson announced to screaming throngs of Kings fans that the deal to sell the NBA franchise to a group led by software entrepreneur Vivek Ranadive has been signed.

The statement at a City Hall rally brings to a close just about 5 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 enterprise successful.

”This was one heck of a comeback,” Johnson, an ex NBA All-Star, said on a stage shared with 2 dozen investors, fans and politicians who had worked to keep the franchise in the city.

Last 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 announced 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 stated that he focused throughout the talks on promoting Sacramento as prospering town 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 somebody take something that is not theirs.”

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

A person familiar with the deal previously expounded that the Maloofs had reached an agreement to sell a 65% controlling interest at a total franchise valuation of $535 million. The person spoke on condition of anonymity because they weren’t authorized to talk in public.

The plan for the Sacramento Kings’ future contains a $447 million downtown arena that’ll 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.

Sponsored Links

Download Printable Schedules
Now you can download and print schedules for each sport so you can plan ahead and track your results.
FOOTBALL: 8/9/2015 - 11/2/2015
BASEBALL 8/13/2015 - 10/4/2015
BASKETBALL 10/27/2015 - 11/11/2015
HOCKEY 10/7/2015 - 11/11/2015
RK Team
Toronto Blue Jays
Texas Rangers
Chicago Cubs
Toronto Blue Jays
Los Angeles Dodgers
MLBRangers vs Blue Jays09:45 AM PST
MLBAstros vs City Royals12:45 PM PST
MLBChicago Cubs vs Cardinals3:45 PM PST
College FootballSouthern Miss vs Marshall4:00 PM PST
NHLJets vs Devils4:05 PM PST
NHLNY Rangers vs Blue Jackets4:05 PM PST
NHLBlackhawks vs NY Islanders4:35 PM PST
NHLMaple Leafs vs Red Wings4:35 PM PST
College FootballNC State vs Virginia Tech5:00 PM PST
MLBNew York Mets vs Los Angeles Dodgers6:45 PM PST
NHLCoyotes vs Kings7:35 PM PST
College FootballOklahoma vs Texas09:00 AM PST
College FootballIndiana vs Penn State09:00 AM PST
College FootballIllinois vs Iowa09:00 AM PST
College FootballGeorgia vs Tennessee12:30 PM PST
College FootballNavy vs Notre Dame12:30 PM PST
College FootballGeorgia Tech vs Clemson12:30 PM PST
MLBChicago Cubs vs Cardinals2:35 PM PST
MLBNew York Mets vs Los Angeles Dodgers6:05 PM PST
NFLChicago Bears vs Kansas City Chiefs10:00 AM PST
NFLBuffalo Bills vs Tennessee Titans10:00 AM PST
NFLSeattle Seahawks vs Cincinnati Bengals10:00 AM PST
NFLSt. Louis Rams vs Green Bay Packers10:00 AM PST
NFLCleveland Browns vs Baltimore Ravens10:00 AM PST
NFLNew Orleans Saints vs Philadelphia Eagles10:00 AM PST
NFLJacksonville Jaguars vs Tampa Bay Buccaneers10:00 AM PST
NFLWashington Redskins vs Atlanta Falcons10:00 AM PST
MLBRoyals vs Astros1:05 PM PST
NFLArizona Cardinals vs Detroit Lions1:05 PM PST
NFLNew England Patriots vs Dallas Cowboys1:25 PM PST
NFLDenver Broncos vs Oakland Raiders1:25 PM PST
MLBBlue Jays vs Rangers5:05 PM PST
NFLSan Francisco 49ers vs New York Giants5:30 PM PST
NFLPittsburgh Steelers vs San Diego Chargers5:30 PM PST