The sale of the Kings is finally complete, and the team is staying in Sacramento.
The Maloof family announced Friday that the agreement to sell the Kings and Sleep Train Arena to a group led by TIBCO Software chairman Vivek Ranadive is done. Ranadive's group acquired a 65 percent controlling interest in the team at a total franchise valuation of more than $534 million, topping the NBA record of $450 million that Joe Lacob and Peter Guber bought the Golden State Warriors for in 2010.
Brothers George, Joe and Gavin Maloof released statements thanking the NBA, commissioner David Stern and the family's limited partners with the Kings. George Maloof specifically praised Sacramento mayor Kevin Johnson and the City Council "for their efforts and loyalty to the Sacramento community."
After owners blocked the Maloofs' agreement with investor Chris Hansen to buy and relocate the Kings to Seattle in early May at a total franchise valuation of $625 million, the family pushed ahead with the "backup offer" to sell the team to Ranadive's group. Under NBA rules, Ranadive will have to sell his minority stake in the Warriors.
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.
"We congratulate Vivek Ranadive and the entire Sacramento investor group for their willingness to come forward and purchase the franchise for the people of Sacramento. We are confident they will provide the stewardship necessary to continue to guide the organization to successful levels," George Maloof said in a statement.
The sale officially ends the family's 14-year reign as majority owners of the team.
Bucks make sure Drew not unemployed for very long
Four days after Larry Drew was replaced in Atlanta, the Bucks announced Friday they have reached an agreement to hire Larry Drew as their head coach.
General manager John Hammond said Drew's track record in Atlanta and experience as an assistant coach and former player made him the right choice.
Drew replaced interim coach Jim Boylan, who stepped in after the Bucks and Scott Skiles parted ways Jan. 8.
Drew was 128-102 in Atlanta, and the Hawks reached the postseason in each of his three seasons. But general manager Danny Ferry, who inherited Drew when he took over last year, opted to let the coach go after the season as he continues his overhaul of the Hawks.
Former All-Star Blaylock on life support after crash
JONESBORO, Ga. - Former NBA All-Star guard Daron "Mookie" Blaylock was on life support at a hospital Friday after his SUV crossed the center line and crashed head-on into a van in suburban Atlanta, police said.
Blaylock, 46, was driving in Jonesboro on Friday when he crashed and was airlifted to the Atlanta Medical Center in critical condition, said Clayton County police spokesman Clarence Cox.
Blaylock was a first-round draft pick by the New Jersey Nets out of Oklahoma in 1989. He played for the Hawks between 1992 and 1999.