NBA unanimously approves Sacramento Kings sale to Vivek Ranadivé ownership group

Vivek Ranadivé on stage at the Long Live The Kings Rally

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.

Sacramento Mayor Kevin Johnson also took to Twitter to tweet his congratulations.

Andy Miller, one of Ranadivé’s partners, shared his reaction in tweet form, too.

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.

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About: Jonathan Santiago

Jonathan Santiago serves Cowbell Kingdom as senior editor specializing in writing, podcasting and video production. He also handles the majority of CK’s day-to-day beat coverage of the Kings.