9:52 PM ET
SACRAMENTO, Calif. — The Sacramento Kings said the U.S. government is repaying the team $13.4 million that a former club official stole to buy luxury beachfront homes.
The team announced Wednesday that the U.S. Justice Department is providing full restitution.
The Sacramento Bee newspaper reported that the government is using money it received from selling the homes purchased by Jeff David, the Kings’ former chief revenue officer.
Prosecutors said David diverted money that Golden 1 Credit Union and Kaiser Permanente paid to the team for stadium naming rights and sponsorship deals.
David pleaded guilty in January to wire fraud and aggravated identity theft. He is scheduled for sentencing next month and could face up to 20 years in prison, but prosecutors are expected to ask for eight-plus years.