New York, May 17 (IANS) A day after NBA owners rejected Sacramento Kings’ move to Seattle, the Maloof brothers, owners of the franchise, have agreed to sell the basketball side to a Sacramento-based group headed by Indian Vivek Ranadive.
Ranadive, who is a software billionaire, will purchase 65 percent of the Kings from the Maloof family in a deal that is expected to be announced later Friday, reports ESPN.
The 65 percent purchase of the Kings from the Maloof family will be for a reported fee of approximately $348 million. The Kings’ total valuation in the sale is $535 million, an NBA record.
The Maloof family, have owned the team since 1998, and it seemed they were more interested in dealing with a Seattle bidder, who’s leader is Chris Hansen, for a minority stake in the franchise. However, that situation changed once the NBA voted down the Seattle sale Wednesday.