Sacramento Kings Sold For $525 Million (2024)

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Sacramento Kings Sold For $525 Million (2024)

FAQs

How much was Sacramento Kings sold for? ›

On May 16, 2013, the Maloof family reached agreement to sell the Kings to a group led by Silicon Valley tech entrepreneur Vivek Ranadivé for a then-record NBA franchise valuation of $535 million.

Does the Maloof family still own the Sacramento Kings? ›

The Maloofs were the owners of the Sacramento Kings of the National Basketball Association (NBA) from 1998 until 2013 and are minority owners of the Vegas Golden Knights of the National Hockey League (NHL). Notable family members include George J. Maloof Sr., Adrienne Maloof, and George J. Maloof Jr.

How did the Maloofs lose their money? ›

Maloof Jr. invested over $265 million of the families fortune in the Palms Casino in 2001. After failing to save themselves from their financial free fall by selling the rights of the families beer distribution, the Maloofs eventually lost the Palms and Palms Towers to TPG Capital and Leonard Green & Associates.

How much did Maloofs sell the Kings for? ›

The NBA is staying in Sacramento. The Maloof family has agreed to sell the Kings and their arena to a group led by tech entrepreneur Vivek Ranadive, 24 Hour Fitness founder Mark Mastrov and former Facebook executive Chris Kelly for $535 million, according to the Sacramento Bee.

How much does Shaq own of the Kings? ›

O'Neal initially joined the ownership group all the way back in 2013, purchasing a less than 5% stake in the team. Aside from his initial purchase back in 2013, it's hard to recall O'Neal ever setting foot in Sacramento or being around key members of the Kings organization.

Does Shaq own part of the Sacramento Kings? ›

He used to own a piece of the Kings. But Shaq's out of the ownership game and he told us why it was a tough, but necessary decision to divest his share. Owning a piece of an NBA team doesn't give you much power or sway, but it's an awesome flex. And it's one that Shaquille O'Neal first enjoyed in 2013.

How much did Vivek buy Kings for? ›

The Maloof family completed its sale of the Kings to a California-based group headed by Ranadive on May 31, 2013, for $534 million, an NBA record. The purchase ended potential speculation of the franchise moving from Sacramento to Seattle or anywhere else.

Why did Maloofs sell Kings? ›

It is widely believed that the team's owners throughout this period (the Maloof family) lost much of their fortune and were no longer able to run a National Basketball Association (NBA) franchise. The Maloofs courted Anaheim, Virginia Beach, and Seattle as potential suitors for the team.

Who is the majority owner of the Sacramento Kings? ›

Vivek Ranadive is an Indian-American corporate executive, engineer, author, lecturer, and philanthropist. He is currently the co-owner and chairman of the Sacramento Kings.

Do the Maloofs still own a casino? ›

The Maloofs, who own the Sacramento Kings, have lost majority control of the Palms Casino and Hotel in Las Vegas amid rampant reports of the family's financial demise.

Are the Maloofs still together? ›

And despite the fact that they're no longer together, the pair share a close relationship as they continue to co-parent their three boys.

What is Adrienne Maloof doing these days? ›

The mom of three sons with her ex-husband, Paul Nassif, has been active on Instagram where she has been posting photos of her doing a number of things. Adrienne has been busy — from going for a drive in the Los Angeles hills, to appearing on podcasts, to hanging out with her animals, and going shopping, of course.

What do the Maloofs own now? ›

Adrienne Maloof (born September 4, 1961) is an American businesswoman, television personality, shoe designer, and co-owner of the various business holdings of Maloof Companies, which include a stake in the Sacramento Kings (NBA), the Vegas Golden Knights (NHL), The Palms Casino Resort in Las Vegas, Nevada; Maloof ...

What percentage of the Palms do the Maloofs own? ›

"We have an equity stake in the Palms," Maloof told the Las Vegas Review-Journal on June 14. According to the documents filed with the Nevada Gaming Control Board, the Maloofs will own 2 percent of the casino once the deal is approved by regulators. TPG Capital and Leonard Green & Partners each will own 49 percent.

What companies do the Maloofs own? ›

The Maloof Companies owns and operates hotels and casinos. The Company also is involved in the banking, food and beverage, and transportation business. The Maloof Companies owns the NBA's Sacramento Kings, and the WNBA's Sacramento Monarchs, as well as ARCO Arena in Sacramento.

Why did Shaq sell Sacramento Kings? ›

O'Neal, 49, who retired from the NBA in 2011 and was inducted into the Basketball Hall of Fame in 2016, posted on his official Twitter page that in order to pursue a business interest in the sports gambling world, he had to leave the Kings.

Why did Shaq sell his shares of the Kings? ›

O'Neal, 49, shared on Twitter that he had to sell his stake in accordance with NBA rules, as he is pursuing interest in the sports gambling space. “As a result of a new business endeavor, I was required by NBA rules to sell my interest in the Sacramento Kings.

How much of the Kings does Vivek own? ›

Throughout the years since purchasing 65% of the team, Ranadive has been criticized as the owner of the Kings.

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