Menu
Finance

Kings refinance $15M as part of sale

The Sacramento Kings, as part of the team’s sale last month, refinanced $15 million owed to Galatioto Sports Partners, sources said.

Vivek Ranadivé leads the ownership group.
Photo by: NBAE / GETTY IMAGES
The group that bought the team last month, led by Vivek Ranadivé, assumed the club’s $125 million of debt borrowed through the NBA’s leaguewide credit facility. The club also had a $15 million loan from GSP, and that loan had to be renewed as part of the sale. GSP agreed to roll over the $15 million, meaning the new ownership is now responsible for the debt.

The new owners could ultimately add another $35 million of debt because the NBA’s team debt limit is $175 million. That option, the sources said, is under consideration.

The club additionally is considering debt for financing of its planned new arena. Any amount there would fall outside the team-specific limit.

GSP declined to comment, as did Game Plan, the financial adviser to the Kings.

— Daniel Kaplan

ADDITIONAL SECTIONS
PODCASTS

SBJ Morning Buzzcast: April 24, 2024

Bears set to tell their story; WNBA teams seeing box-office surge; Orlando gets green light on $500M mixed-use plan

TNT’s Stan Van Gundy, ESPN’s Tim Reed, NBA Playoffs and NFL Draft

On this week’s pod, SBJ’s Austin Karp has two Big Get interviews. The first is with TNT’s Stan Van Gundy as he breaks down the NBA Playoffs from the booth. Later in the show, we hear from ESPN’s VP of Programming and Acquisitions Tim Reed as the NFL Draft gets set to kick off on Thursday night in Motown. SBJ’s Tom Friend also joins the show to share his insights into NBA viewership trends.

SBJ I Factor: Molly Mazzolini

SBJ I Factor features an interview with Molly Mazzolini. Elevate's Senior Operating Advisor – Design + Strategic Alliances chats with SBJ’s Ross Nethery about the power of taking chances. Mazzolini is a member of the SBJ Game Changers Class of 2016. She shares stories of her career including co-founding sports design consultancy Infinite Scale career journey and how a chance encounter while working at a stationery store launched her career in the sports industry. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.
SBJ TV

Sports Media Podcast April 24 Whos Up Whos Down

4 mins

Sports Media Podcast April 17 2024 The Big Get Molly Solomon

5 mins

Sports Media Podcast March 27 2024

29 mins

Shareable URL copied to clipboard!

https://www.sportsbusinessjournal.com/Journal/Issues/2013/06/17/Finance/NBA-loan-side.aspx

Sorry, something went wrong with the copy but here is the link for you.

https://www.sportsbusinessjournal.com/Journal/Issues/2013/06/17/Finance/NBA-loan-side.aspx

CLOSE
You have 0 articles remaining this month.

Register for a free SBJ account to unlock one extra article per month.

© 2024 Leaders Group. All rights reserved. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Leaders Group.