Sacramento Kings to Be Under New Ownership

Sacramento Kings to Be Under New OwnershipRocky Widner/NBAE via Getty Images

Welp, the Sacramento Kings still aren't moving to Seattle, but the franchise is going to be under new ownership. Software billionaire Vivek Ranadive's ownership group has reportedly struck a deal with the Maloofsthe current ownersto buy a 65 percent share of the Kings. Ranadive purchased it fo $348 million; the Kings' total valuation is an NBA record $535 million,

Unlike with the Seattle businessman, this deal is predicted to go smoothly. Ranadive is a part-time owner of the Golden State Warriors, and he's already been investigated by the league's lawyers. It's probably going to get approved by the other owners, but the billionaire has to sell his share of the Warriors, which should be slightly less-heartbreaking to do since they just got eliminated by the Spurs.

RELATED: An NBA Committee Votes Against Kings' Possible Relocation to Seattle
RELATED: Bad Move: A History of Sports Owners Relocating Their Teams

 [via ESPN]

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