The NBA Board of Governors voted unanimously today to approve the sale of the Sacramento Kings to a group headed by Silicon Valley technology entrepreneur Vivek Ranadive, league officials announced.
Ranadive confirmed the sale in a tweet.
The league approval represents the second to the last step before the Ranadive group takes full possession of the team from the previous owners, the Maloof family. The sale deal, which places the full team value at $535 million, a record price for an NBA team, is expected to close escrow in the next few days.
Ranadive, whose group intends to keep the team in Sacramento and build a new downtown arena, tweeted his thanks. "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."
Ranadive is prepped to move quickly when he formally takes control. The Bee's Jason Jones reported this morning Kings basketball president Geoff Petrie was informed last week the new team owners will not bring him back next season.
Call The Bee's Tony Bizjak, (916) 321-1059. Follow him on Twitter @tonybizjak.