A minority owner is selling a 10 percent share in the Sacramento Kings, according to a Bloomberg report.
The name of the investor is unknown, but the size of the stake would likely come with a board seat, the report said. George Postolos, a consultant in the sports industry and former president of the Houston Rockets and Astros, is reportedly representing the seller.
The Kings franchise is valued at $1.075 billion, according to Forbes annual rankings released in February, marking a 16 percent increase over the previous year. A group led by principal owner Vivek Ranadive paid $534 million for the Kings in May 2013.
The seller wants to capitalize on the significant growth in professional sports teams’ values, Bloomberg reported.