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8/17/2013 8:31:00 PM

The NBA Board of Governors unanimously approved the sale of the Sacramento Kings on Tuesday to a group led by TIBCO Software chairman Vivek Ranadive.The league said in a statement that the ''transaction is expected to close shortly.''After owners blocked the 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. Ranadive, who will have to sell his minority stake in the Golden State Warriors, becomes the NBA's first Indian-born majority owner.
The <a href=http://www.hotjordan11retrolow.com/>http://www.hotjordan11retrolow.com/... group also includes 24 Hour Fitness founder Mark Mastrov, former Facebook senior executive Chris Kelly and the Jacobs family that owns communications giant Qualcomm.Moments after the league announced the sale was approved, Ranadive thanked owners in a tweet and wrote that it was an honor and a privilege ''to be part of such an amazing community.'' He also updated his Twitter profile to show that he is the owner of the Kings.The vote, which had been expected since owners blocked the move to Seattle on May 15, officially ended an emotional saga that has dragged on since January. And for those in Sacramento, almost a decade of uncertainty involving the Maloof family, who entertained relocations to Anaheim, Calif., Las Vegas and Virginia Beach in recent years.
No threat of relocation had been more serious than Seattle.Chris Hansen had a deal with the Maloofs to buy the Kings and rebrand them the SuperSonics, who left Seattle for Oklahoma City in 2008 and were renamed the Thunder. In a 22-8 vote, the Board of Governors rejected that deal, which would have sold a 65 percent controlling interest at a total franchise valuation of $625 million.Hansen has vowed to continue his fight to bring the NBA back the Pacific Northwest city <a href=http://www.mercurial2013new.com/... Predator 2013</a> The next steps for Ranadive will be figuring out the basketball operations and finalizing the deal for a new arena. He already has been busy helping staff sell season tickets and boost sponsorship.The contract for Kings president of basketball operations Geoff Petrie expires after June 30 and he is not expected to return. Coach Keith Smart is signed through this upcoming season; however, most of his assistants are not.Sacramento Mayor Kevin Johnson - a former NBA All-Star guard - got the City Council to approve a non-binding financing plan for a $447 million facility with a $258 million public subsidy. But that deal is still pending environmental and other reviews.
The National Basketball Association's Board of Governors on Tuesday unanimously approved the sale of the Sacramento Kings to a California investor group, effectively ending a tug-of-war with competing potential bidders, one of whom had hoped to move the team to Seattle, a league official said.The deal to sell a majority stake in the team to investors led by tech developer and philanthropist Vivek Ranadive followed months of wrangling between Seattle-based investors who wanted the team to replace its beloved Seattle SuperSonics franchise lost in 2008, and California investors who wanted it to stay put.
The deal replaces an earlier agreement struck in January between the Kings' current owner, the Maloof family, which has made real estate and other investments in the western United States, and Seattle-based investors led by hedge fund manager Chris Hansen, Microsoft Corp Chief Executive Steve Ballmer and others.The new deal for a 65 percent stake is expected to close late on Friday and values the franchise at roughly $535 million, according to a source close to the negotiations. <a href=http://www.mercurial2013new.com/>http://www.kobe8systemshoesbox.com/... "Congrats to Vivek & the new ownership group!" Sacramento Mayor Kevin Johnson, a former NBA player who mounted a campaign to keep the team in California, wrote on Twitter. "NBA's unanimous vote sends a strong statement of support for the Kings' bright future in Sac!"Johnson has said the investor group behind the deal includes 24-Hour Fitness founder Mark Mastrov, members of the Jacobs family with ties at Qualcomm Inc, and others from California. Ex-Facebook Inc executive Chris Kelly has also been identified as an investor.
"It is an honor and a privilege to be part of such an amazing community," Ranadive, the Chairman and CEO of business software maker Tibco Software Inc, tweeted on Tuesday.Ranadive and his group also plan for a new downtown arena.Fund-manager Hansen has long vowed to bring a team back to Seattle and rename it the SuperSonics after the team the city lost to Oklahoma City.As wrangling over the team mounted, Hansen increased his bid for a controlling interest in the Kings to $406 million, which valued the team at an unprecedented $625 million. He already has a deal with the city to build a new arena.But last month, a committee of NBA owners voted that the team should stay in Sacramento.