The Maloof brothers have agreed to sell a majority stake Kings to a Sacramento-based group just a day after rejecting an offer that would have relocated the franchise to Seattle.
The new ownership group is headed by a software billionaire, Vivek Ranadive, who purchased 65 percent of the ownership share from the Maloofs. The 65 percent cost a pretty penny — $348 million.
To put the $348 million number in perspective, the Maloofs bought the Kings in 1998 for a cool $156 million.
The rest of the ownership group includes former Facebook exec Chris Kelly, the family that owns Qualcomm, and Mark Mastrov, the founder of 24 Hour Fitness.
Always nice to have an eclectic ownership group.
Ranadive will have to sell his part ownership share in the nearby Golden State Warriors with this purchase.
The new ownership’s main task, other than creating a team worth the price of admission, will be to work towards securing funding for a new Kings stadium, a process that has already gained traction and is one of the reasons the NBA was inclined to steer negotiations towards staying in Sacramento rather than a relocation deal.