Bet Sweet 16
January 19th College Basketball news ... Bet Sweet 16 at bet-sweet16.com
NBA approves Kings sale to Sacramento group
The league said in a statement that the "transaction is expected to close shortly."
After owners blocked the relocation of the franchise to Seattle earlier this month, the Maloof family reached an agreement to sell a 65 percent controlling interest in the Kings to Ranadive's group at a total franchise valuation of $535 million. Ranadive, who will have to sell his minority stake in the Golden State Warriors, becomes the NBA's first Indian-born majority owner.
The Sacramento group also includes 24 Hour Fitness founder Mark Mastrov, former Facebook senior executive Chris Kelly and the Jacobs family that owns communications giant Qualcomm.
Moments after the league announced the sale was approved, Ranadive thanked owners in a tweet and wrote that it was an honor and a privilege "to be part of such an amazing community." He also updated his Twitter profile to show that he is the owner of the Kings.
The vote, which had been expected since owners blocked the move to Seattle on May 15, officially ended an emotional saga that has dragged on since January. And for those in Sacramento, almost a decade of uncertainty involving the Maloof family, who entertained relocations to Anaheim, Calif., Las Vegas and Virginia Beach in recent years.
No threat of relocation had been more serious than Seattle.
Chris Hansen had a deal with the Maloofs to buy the Kings and rebrand them the SuperSonics, who left Seattle for Oklahoma City in 2008 and were renamed the Thunder. In a 22-8 vote, the Board of Governors rejected that deal, which would have sold a 65 percent controlling interest at a total franchise valuation of $625 million.
Hansen has vowed to continue his fight to bring the NBA back the Pacific Northwest city.
The next steps for Ranadive will be figuring out the basketball operations and finalizing the deal for a new arena. He already has been busy helping staff sell season tickets and boost sponsorship.
The contract for Kings president of basketball operations Geoff Petrie expires after June 30 and he is not expected to return. Coach Keith Smart is signed through this upcoming season; however, most of his assistants are not.
Sacramento Mayor Kevin Johnson - a former NBA All-Star guard - got the City Council to approve a non-binding financing plan for a $447 million facility with a $258 million public subsidy. But that deal is still pending environmental and other reviews.
March Madness HowTo
5 simple rules To fill NFL Betting Lines out your March Madness bracket
4.Margin of Victory
5.Point Spread Victory
March Madness Bracket
$100K MARCH MADNESS BRACKET CONTEST
The biggest March Madness contest just got bigger.This year Sportsbook.ag is splitting a guaranteed $100,000 in cash among our Top 5 March Madness Bracket contestants. Plus awarding a combined $5,000 in Free Bets to 1,000 other members.Play for a whopping $75,000 first-place prize when you buy your first entry for just $15. Additional entries costs little as $5 and buying multiple brackets gives you the chance to take home the entire $100K prize pot.
Here’s a breakdown of the prizes:
1st Place $75,000
2nd Place $12,500
3rd Place $7,500
4th Place $3,500
5th Place $1,500
6th to 1,005th $5 Free Bet
Visit Sportsbook.ag for an early buy-in and to make your picks