Published on 05-31-2013 10:58 AM
MALOOF FAMILY TRANSFERS OWNERSHIP OF SACRAMENTO KINGS TO SACRAMENTO INVESTOR GROUP
--NBA Franchise Enjoyed Unparalleled Success in Sacramento Under Maloof Family Ownership--
SACRAMENTO, CALIF., May 31, 2013 – The Maloof family today announced that the agreement to sell the family’s controlling interest in the National Basketball Association’s (NBA) Sacramento Kings and ownership of Sleep Train Arena to the Sacramento investor group led Vivek Ranadive has closed escrow and is now final. The transaction valuation equates to a purchase price of over $534 million, an NBA record.
“We respect and would like to acknowledge the NBA Board of Governors’ dedication and diligence in working through this process over the past several months. On behalf of my family, I would like to thank Commissioner David Stern and the NBA staff who worked tirelessly on this transaction. I also would like to praise Mayor Kevin Johnson and the Sacramento City Council and staff for their efforts and loyalty to the Sacramento community,” said George Maloof, Kings co-owner speaking on behalf of Maloof family members Colleen, Joe, Gavin, Adrienne, and Phil. “Our family thanks Bobby Hernreich for his support throughout the years; he has been a great partner. We also thank our other partners, Bud Benvenuti, John Kehriotis, and Dave Lucchetti,” added George Maloof.
“We congratulate Vivek Ranadive and the entire Sacramento investor group for their willingness to come forward and purchase the franchise for the people of Sacramento. We are confident they will provide the stewardship necessary to continue to guide the organization to successful levels,” said George Maloof.