The Sacramento Kings shouldn't be in Sacramento. If you look at the cold, hard math of NBA markets, the franchise has been on the brink of moving more times than most fans care to remember. But it’s still there. To understand who owned the Sacramento Kings, you have to look past a simple list of names and see a history of massive gambles, near-bankruptcies, and a city that refused to let go.
Ownership of a pro sports team isn’t just about having a deep pocketbook. It’s about ego, civic pride, and sometimes, just barely hanging on by your fingernails. From the moment the team arrived in California from Kansas City in 1985, the question of who pulls the strings has defined whether the Kings would stay or vanish into the night like the Seattle SuperSonics.
The Cincinnati to Kansas City Shuffle
Before we get to the California sunshine, we have to talk about the precursor. The franchise started as the Rochester Royals, then the Cincinnati Royals, and eventually the Kansas City-Omaha Kings. By the early 1980s, the team was struggling. It was owned by a group of local Kansas City investors, but the spark was gone.
In 1982, a group of Sacramento businessmen led by Gregg Lukenbill and Joe Benvenuti bought the team for about $10.5 million. Think about that for a second. Today, an NBA bench player makes that in a single season. Back then, it bought you an entire franchise. This group, operating as Sacramento Sports Association, was the visionary force that saw Sacramento as more than just a sleepy state capital. They saw a basketball town.
The move happened in 1985. Lukenbill was the face of the operation. He was an eccentric, passionate guy who basically built ARCO Arena I (a tiny, temporary facility) with his own hands and hustle. But the money wasn't infinite. By the early 90s, the financial strain of running a small-market team in a pre-TV-deal-explosion era started to show.
Enter the Maloof Era: Glitz, Glamour, and Chaos
If you ask any long-time fan about who owned the Sacramento Kings during their golden era, one name comes up instantly: The Maloofs.
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In 1998, Joe and Gavin Maloof—scions of a New Mexico business empire that included beer distribution and the Palms Casino in Las Vegas—bought a minority stake. By 1999, they took full control. For a while, they were the coolest owners in sports. They sat courtside. They ate Taco Bell with fans. They spent money on players like Chris Webber, Vlade Divac, and Peja Stojakovic.
Under the Maloofs, the Kings were the most exciting team in the league. They were a Rick Adelman-coached powerhouse that nearly knocked off the Shaq-and-Kobe Lakers in 2002. (Yes, Game 6 still hurts. No, we aren't talking about it.)
But things soured. Fast.
The Great Recession hit the Maloofs' interests in Vegas hard. Suddenly, the "fun" owners weren't so fun anymore. They stopped spending on the roster. They started looking for the exit. From 2011 to 2013, the Kings were essentially "zombie owners." The Maloofs tried to move the team to Anaheim. They tried to move them to Virginia Beach. Finally, they tried to sell the team to a group in Seattle led by Chris Hansen and Steve Ballmer.
It looked like a done deal. The moving trucks were basically idling in the parking lot.
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Vivek Ranadivé and the 2013 "Save the Kings" Miracle
The only reason the team stayed is because of a frantic, last-minute push by then-Mayor Kevin Johnson and a new investment group. In May 2013, the NBA Board of Governors rejected the Seattle move, and a group led by Vivek Ranadivé bought the team for a then-record valuation of $534 million.
Ranadivé, a software tycoon who founded TIBCO, became the first Indian-born majority owner in NBA history. He didn't do it alone, though. The ownership group was—and is—a "who’s who" of California business power.
The Key Players in the Current Ownership Group
It’s a mistake to think Vivek is the only person calling the shots. While he is the "Governor" (the primary representative to the NBA), the group includes several heavy hitters:
- Mark Mastrov: The founder of 24 Hour Fitness.
- The Jacobs Family: Led by Paul Jacobs of Qualcomm.
- The Friedman Family: Major players in regional real estate.
- Raj Bhathal: A titan in the swimwear and private equity world.
This group didn't just buy a team; they bought a downtown revitalization project. To keep the team, they had to build Golden 1 Center. It was a massive political and financial gamble that transformed Sacramento’s "K Street" from a decaying mall into a vibrant hub.
Why Ownership Matters More in Sacramento
Ownership in the NBA isn't just about who writes the checks. It's about the philosophy of the front office. For years after Vivek took over, the Kings were a mess on the court. There were rumors of "meddling" by ownership, a revolving door of coaches (Michael Malone, George Karl, Dave Joerger), and the infamous "cherry picking" strategy Vivek supposedly suggested.
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But things shifted.
Ownership eventually stepped back and let basketball people like Monte McNair run the show. The result? The 16-year playoff drought ended in 2023. The "Light the Beam" era was born. This shift from "active, chaotic owners" to "stable, supportive owners" is exactly why the Kings are currently relevant again.
A Timeline of Ownership Transitions
- 1923–1982: Various owners in Rochester, Cincinnati, and Kansas City (including the Seagram family and Lester Harrison).
- 1982–1999: The Sacramento Sports Association (Gregg Lukenbill, Joe Benvenuti, and later Jim Thomas).
- 1999–2013: The Maloof Family (Joe, Gavin, Adrienne, George, and Phil).
- 2013–Present: Vivek Ranadivé and the Sacramento Basketball Holdings group.
The Reality of Small Market Survival
Honestly, who owned the Sacramento Kings matters more than who owns the Knicks or the Lakers. If the Lakers have a bad owner, they still stay in LA and eventually attract stars because of the brand. If the Kings have a bad owner, the team disappears.
The current group has anchored the team to the city through real estate and a long-term lease. They’ve turned a sports franchise into a tech-forward entertainment company. Whether you like Vivek’s style or not, his group did what the Maloofs couldn't: they made the Kings a permanent fixture of Northern California.
Actionable Takeaways for Fans and Investors
If you're following the trajectory of NBA ownership, keep these points in mind:
- Valuation Growth: The Kings went from $10.5M in 1982 to over $3 Billion today. NBA teams are no longer "trophy assets"—they are massive, appreciating financial engines.
- Arena Control is Key: The ownership of the Golden 1 Center is what prevents another Seattle-style relocation scare.
- Public-Private Partnerships: The Kings' survival was dependent on city subsidies for the arena, a controversial but effective model for keeping small-market teams.
- Watch the Minority Stakes: Keep an eye on when minority owners sell. It often signals a shift in the team's internal valuation or upcoming capital calls for major projects.
The story of the Kings is a story of survival. It’s a reminder that in professional sports, the name on the front of the jersey is for the fans, but the names on the ownership papers determine if that jersey even exists ten years from now.