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04.08.2013, 19:04 | The NBA Board of Governors unanimously approved the sale of the Sacramento Kings on Tuesday to a group led by TIBCO Software chairman Vivek Ranadive.The league said in a statement that the ''transaction is expected to close shortly.''After owners blocked the 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. Ranadive, who will have to sell his minority stake in the Golden State Warriors, becomes the NBA's first Indian-born majority owner.
The Jordans cheap "Congrats to Vivek & the new ownership group!" Sacramento Mayor Kevin Johnson, a former NBA player who mounted a campaign to keep the team in California, wrote on Twitter. "NBA's unanimous vote sends a strong statement of support for the Kings' bright future in Sac!"Johnson has said the investor group behind the deal includes 24-Hour Fitness founder Mark Mastrov, members of the Jacobs family with ties at Qualcomm Inc, and others from California. Ex-Facebook Inc executive Chris Kelly has also been identified as an investor.
"It is an honor and a privilege to be part of such an amazing community," Ranadive, the Chairman and CEO of business software maker Tibco Software Inc, tweeted on Tuesday.Ranadive and his group also plan for a new downtown arena.Fund-manager Hansen has long vowed to bring a team back to Seattle and rename it the SuperSonics after the team the city lost to Oklahoma City.As wrangling over the team mounted, Hansen increased his bid for a controlling interest in the Kings to $406 million, which valued the team at an unprecedented $625 million. He already has a deal with the city to build a new arena.But last month, a committee of NBA owners voted that the team should stay in Sacramento. |
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