The Sacramento Kings have been sold by the Maloof family to a local investment group led by Vivek Ranadive for a record $535 million, according to Tony Bizjak of the Sacramento Bee. That shatters the $450 million spent by Joe Lacob and Peter Guber to purchase the Golden State Warriors in 2010.
An announcement will be made on Friday.
This was just a formality after the events on Wednesday, when the NBA Board of Governors voted against the sale of the team to a Seattle investment group led by Chris Hansen that would relocate the team next season. Hansen’s group offered $625 million to buy the team, $90 more than Ranadive’s group.
“While we are obviously extremely disappointed with today’s relocation vote and truly believe we put forth both a significantly better offer and Arena plan, we do thank the league and the owners for their time and consideration,” Hansen said in a statement.
A few months ago, all hope seemed lost when the Maloofs agreed to sell the Kings to Hansen’s group. However, mayor Kevin Johnson and the city of Sacramento fought back, finding investors and developing a plan to build a new arena.
Ranadive, who is also a minority owner of the Golden State Warriors, headed the bid, while Chris Kelly, Mark Mastrov, and the Jacobs family of Qualcomm were also involved.