NBA Approves Sale of Kings to Ranadive Group
The NBA Board of Governors has unanimously approved the sale of the Sacramento Kings to a group led by TIBCO Software chairman Vivek Ranadive.
The NBA said in a statement Tuesday that the "transaction is expected to close shortly."
After league owners blocked the sale and relocation of the franchise to Seattle earlier this month, the Maloof family reached an agreement to sell a 65 percent controlling interest in the Kings to Ranadive's group at a total franchise valuation of $535 million. The group also includes 24 Hour Fitness founder Mark Mastrov, former Facebook senior executive Chris Kelly and the Jacobs family that owns communications giant Qualcomm.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.