June 1, 2013 in Sports

Sacramento Kings sale to Ranadive group complete

Associated Press
 

A new owner is in place. A new coach is on the way. And for the first time in 14 years, Sacramento Kings fans can celebrate a new era.

The Maloof family completed the sale of the Kings and Sleep Train Arena to a group led by TIBCO Software chairman Vivek Ranadive on Friday, officially transferring ownership of the NBA team. Ranadive’s group acquired a 65 percent controlling interest in the team at a total franchise valuation of more than $534 million, topping the NBA record of $450 million that Joe Lacob and Peter Guber paid for the Golden State Warriors in 2010.

The Kings have an agreement in place with Warriors assistant Mike Malone to become their head coach, a person familiar with the decision told the Associated Press. The Kings released a statement late Friday afternoon confirming Keith Smart was fired as coach.

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