Maloofs Net $348M In Sale Of Kings To Sacramento Group

Law360, New York (May 17, 2013, 4:25 PM EDT) -- After being rebuffed in their attempts to sell the NBA's Sacramento Kings to a Seattle-based group led by hedge fund manager Steve Hansen, the Maloof family has agreed to sell a 65 percent stake in the team to a local group, the Sacramento mayor's office confirmed Friday, with the deal price reportedly $348 million.

The deal, which comes less than two weeks after the league's 30 owners voted against Joe and Gavin Maloof's agreement with Valiant Capital Management founder Hansen, means the Kings will stay in...
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