NBA approve sale of Kings to Indian tycoon

NEW YORK (AFP) –

The Sacramento Kings’ (L-R) John Salmons, Marcus Thornton and Tyreke Evans are pictured during a game in Miami on February 26, 2013. The NBA approved the sale of the Sacramento Kings to a group headed by Indian business tycoon Vivek Ranadive, the league announced.

The National Basketball Association approved the sale of the Sacramento Kings to a group headed by Indian business tycoon Vivek Ranadive, the league announced.

The NBA board of governors voted unanimously on Tuesday to allow the Maloof family to sell the franchise to Ranadive for a reported $347 million. The Maloofs had controlling ownership of the Kings since 1999.

There was a competing bid from a group, headed by Microsoft chief executive Steve Ballmer, that wanted to move the team to Seattle, but the board voted down that proposal earlier this year.

A new stadium deal is part of Ranadive’s package. Sacramento city council now has a public-private deal in place to build a new 18,500-seat arena.

Ranadive, 55, grew up in Bombay, India before becoming the founder of TIBCO a multi-billion dollar real-time computing company. He has also written several financial and investing books.

Seattle has been without an NBA team since the SuperSonics left for Oklahoma City following the 2007-2008 season. The SuperSonics were an expansion franchise in 1967-1968.