NBA approves deal to keep Kings in Sacramento
It’s almost official -- the Sacramento Kings are staying put.
The sale of the team to a group led by TIBCO Software Chairman Vivek Ranadive has been unanimously approved by the NBA Board of Governors.
League owners blocked the sale and relocation of the Kings to Seattle earlier this month. The Maloof family then agreed to sell a 65% controlling interest to Ranadive’s group at a franchise valuation of $535 million.
Ranadive tweeted his appreciation Tuesday morning:
Thanks to entire NBA for approving sale of Kings to our organization. It is an honor & a privilege to be part of such an amazing community.” — Vivek Ranadivé (@Vivek) May 28, 2013
The NBA said the transaction should close shortly.
Ranadive is confident it will be finalized. He has already added “Owner, @SacramentoKings” to his Twitter bio.
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