With a $534 million valuation price tag, the Maloof family sold the Sacramento Kings to a group headed by Vivek Ranadive. The NBA Board of Governors unanimously approved the sale of the team and the transfer of ownership was completed Friday.
With everything resolved, the Maloofs making a record amount of money for the sale of their team, and the team staying in Sacramento, the Maloof family took out a full-page ad in the Sacramento Bee on Sunday thanking the fans for 15 years of supporting the team while the family owned it.
The message in the ad says:
"Thank you Sacramento for 15 wonderful years.
The amazing memories created during these past seasons were because of you, the fans, and our dedicated employees. We truly cherish our time as stewards of the Kings franchise. The people of Sacramento warmly brought the Kings into their hearts and for that we will always be greatful. Many thanks to Bob Hernreich and our partners Bud Benvenuti, John Kehriotis, and Dave Lucchetti for their support and commitment to the Kings organization.
We also recognize Mayor Kevin Johnson, the City Council, and the City of Sacramento staff for their efforts and loyalty to the people of Sacramento. We wish the new ownership group, led by Vivek Ranadive and Mark Mastrov, all the best. We will always love the Kings and we will always be Kings fans.
There were plenty of contentious times over the past three years with the Maloof family and the city of Sacramento. The Maloofs attempted to move the team to Anaheim in 2011, backed out of an arena deal with the city of Sacramento in 2012, and then sold the team to a Seattle-based ownership group with the intent of the team being moved out of Sacramento.
But after an incredible grassroots effort to keep the team in Sacramento by the fans and the ownership coming together with the leadership of Mayor Kevin Johnson, the league eventually rejected the relocation bid to Seattle and the Maloofs agreed to sell the team to the Ranadive group.
It's a great gesture by the Maloofs to put water under the bridge.