 Posted: Sat 8:32, 23 Nov 2013 Post subject: 500-seat downtown arena and retail center |
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| NBA Board of Governors approves Sacramento Kings sale to Ranadive
NEW YORK, May 28 () -- The NBA Board of Governors Tuesday approved the sale of the Sacramento Kings to an investment group headed by software entrepreneur Vivek Ranadive.The league announced the sale to a group spearheaded by Ranadive and 24 Hour Fitness chain founder Mark Mastrov had been unanimously approved by the NBA's 29 other owners.Ranadive's group offered a reported $347 million to the Maloof family for the struggling franchise to keep it in Sacramento in a new 18,500-seat downtown arena and retail center, which was approved by the City Council in March.The Maloofs in January had reached a deal to sell a controlling interest to hedge fund manager Chris Hansen and Microsoft Chief Executive Steve Ballmer,[url=http://www.supratksocietyvip.com/]cheap supra shoes[/url], who would have moved the Kings to Seattle.League owners this month rejected the proposed move in a 22-8 vote.The Maloofs gained majority control of the Kings in 1999, and in recent years had alienated fans after they rejected several tries by Sacramento Mayor Kevin Johnson to work out a new arena deal.The team, which began as the Rochester Royals in 1948-49, moved to Sacramento from Kansas City before the 1985-86 season. |
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