Page last updated on Sat Nov 28 08:05:51 EST 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: 11/3/2015 - 2/7/2016
BASKETBALL 11/12/2015 - 12/14/2015
HOCKEY 11/12/2015 - 12/14/2015
RK Team
Florida State
NBA76ers vs Rockets5:05 PM PST
UFCDominique Steele vs Maestro Dong Hyun Kim02:00 AM PST
UFCJ Collier vs D Yang02:00 AM PST
UFCMike De La Torre vs Y Chul Nam02:00 AM PST
UFCLeo Kuntz vs TH Bang02:00 AM PST
UFCS Hee Ham vs Cortney Casey02:00 AM PST
UFCY Zhikui vs F Serrano02:00 AM PST
UFCM Beltran vs N Guangyou02:00 AM PST
UFCJorge Masvidal vs B Henderson05:00 AM PST
UFCDom Waters vs D H Kim05:00 AM PST
UFCA Mina vs Y Akiyama05:00 AM PST
UFCSam Sicilia vs Doo Ho Choi05:00 AM PST
College FootballOhio State vs Michigan09:00 AM PST
College FootballVirginia Tech vs Virginia09:00 AM PST
College FootballGeorgia vs Georgia Tech09:00 AM PST
College FootballClemson vs South Carolina09:00 AM PST
College FootballPenn State vs Michigan State12:30 PM PST
College FootballNorth Carolina vs NC State12:30 PM PST
College FootballAlabama vs Auburn12:30 PM PST
College FootballUCLA vs USC12:30 PM PST
College FootballMississippi vs Mississippi State4:15 PM PST
College FootballFlorida State vs Florida4:30 PM PST
College FootballNotre Dame vs Stanford4:30 PM PST
College FootballOklahoma vs Oklahoma State5:00 PM PST
College FootballArizona State vs California7:00 PM PST
College FootballAir Force vs New Mexico7:15 PM PST
College FootballNevada vs San Diego State7:45 PM PST
NFLNew Orleans Saints vs Houston Texans10:00 AM PST
NFLMinnesota Vikings vs Atlanta Falcons10:00 AM PST
NFLSt. Louis Rams vs Cincinnati Bengals10:00 AM PST
NFLTampa Bay Buccaneers vs Indianapolis Colts10:00 AM PST
NFLNew York Giants vs Washington Redskins10:00 AM PST
NFLOakland Raiders vs Tennessee Titans10:00 AM PST
NFLBuffalo Bills vs Kansas City Chiefs10:00 AM PST
NFLMiami Dolphins vs New York Jets10:00 AM PST
NFLSan Diego Chargers vs Jacksonville Jaguars10:00 AM PST
NFLArizona Cardinals vs San Francisco 49ers1:05 PM PST
NFLPittsburgh Steelers vs Seattle Seahawks1:25 PM PST
NFLNew England Patriots vs Denver Broncos5:30 PM PST
NFLBaltimore Ravens vs Cleveland Browns5:30 PM PST