Report: Ranadivé group finalizes agreement to purchase Sacramento Kings from Maloofs

by Jonathan Santiago and James Ham

Vivek Ranadivé and Roger Craig chatting before Golden State Warriors' game 3 vs. San Antonio. (Photo: Jonathan Santiago)

The moment that Sacramento Kings fans have been waiting for is finally here.

The Sacramento Bee reports that the ownership group led by software magnate Vivek Ranadivé has reached an agreement to purchase controlling interest of the franchise from the Maloof family.  The franchise has been set at a record $535-million valuation according to the Bee.

Ranadivé, who is Oakland for tonight’s game 6 between the Warriors and Spurs, spoke briefly to media.

“Everything is good so we feel we are in good shape,” Ranadivé said according to CBS 13 reporter and CK contributor Rob McAllister.

When he arrived home from Dallas earlier today, Sacramento Mayor Kevin Johnson suggested that a deal between both sides was imminent.  Johnson told media “this deal is done” when asked if there were concerns about any potential snags with the Maloofs.

”It’s gonna be close to be signed in the next day or two,” Johnson said at Sacramento International Airport earlier this afternoon.  “It’s very clear from the commissioner.”

Cowbell Kingdom reached out to a spokesperson for Ranadivé, who declined to comment this evening.  CK also reached out to a spokesperson for the Maloofs, but have yet to receive a comment.

Official statements and details of the deal are expected to be released tomorrow.

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