A Kings ownership stake is reportedly for sale, but seller is a mystery
A minority owner is selling a 10 percent share in the Sacramento Kings, according to a Bloomberg report.
The name of the investor is unknown, but the size of the stake would likely come with a board seat, the report said. George Postolos, a consultant in the sports industry and former president of the Houston Rockets and Astros, is reportedly representing the seller.
The Kings franchise is valued at $1.075 billion, according to Forbes annual rankings released in February, marking a 16 percent increase over the previous year. A group led by principal owner Vivek Ranadive paid $534 million for the Kings in May 2013.
The seller wants to capitalize on the significant growth in professional sports teams’ values, Bloomberg reported.
This story was originally published November 1, 2017 at 1:37 PM with the headline "A Kings ownership stake is reportedly for sale, but seller is a mystery."