The NBA Board of Governors has unanimously approved the sale of the Sacramento Kings to a group led by TIBCO Software chairman Vivek Ranadive.
The NBA said in a statement Tuesday that the “transaction is expected to close shortly.”
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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.
