NBA Board approves sale of Kings to Sacramento group

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The NBA Board of Governors unanimously approved the sale of the Sacramento Kings to a group led by TIBCO Software chairman Vivek Ranadive.

The NBA said in a statement that the “transaction is expected to close shortly.”

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.

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