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Tuesday, May 28th, 2013 at 3:45 pm  |  2 responses

NBA Approves Sale of Kings to Sacramento Group


Once the NBA’s Board of Governors blocked the move to Seattle, this was a mere formality. Today, they voted unanimously to allow the sale of the Kings to a Sacramento group led by software tycoon Vivek Ranadive. Per the AP: “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.”

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