Indian Vivek Ranadive new owner of NBA team Sacramento Kings

The Sacramento Kings National Basketball Association (NBA) franchise has been purchased a group led by Bay Area software magnate Vivek Ranadive from the Maloof family in a deal that values the Kings at a league record US$534 million.

The deal was confirmed by the Maloofs on Friday 31st May, bringing an end to a tug-of-war process that had seen a rival bid from Seattle businessman Chris Hansen rejected.

“We respect and would like to acknowledge the NBA Board of Governors’ dedication and diligence in working through this process over the past several months,” said George Maloof, whose family has owned the Kings for 14 years.

“I also would like to praise Mayor Kevin Johnson and the Sacramento City Council and staff for their efforts and loyalty to the Sacramento community.”

Source: sportspromedia