Vivek Ranadivé and company have been approved by the league. From the NBA’s official press release:
The NBA Board of Governors has unanimously approved the sale of the Sacramento Kings to an ownership group led by Vivek Ranadive. The transaction is expected to close shortly.
Ranadivé tweeted this message on Twitter shortly after the announcement.
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.”
— Vivek Ranadivé (@Vivek) May 28, 2013
Sacramento Mayor Kevin Johnson also took to Twitter to tweet his congratulations.
Congrats to @vivek & the new ownership group! NBA’s unanimous vote sends a strong statement of support for the Kings’ bright future in Sac!
— Kevin Johnson (@KJ_MayorJohnson) May 28, 2013
Andy Miller, one of Ranadivé’s partners, shared his reaction in tweet form, too.
Officially part of the Kings family! Let’s close this puppy and get to work. Congrats Team Ranadive. #KingsAllDay
— Andrew Miller (@AndyMillerHCP) May 28, 2013
The Ranadivé group purchased controlling interest of the Kings from the Maloof family at approximately $348 million. The Kings were appraised at an NBA-record $535-million valuation. Escrow of the sale is set to close by the end of this business week.