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.
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.