The sale of the Sacramento Kings to a group led by software magnate Vivek Ranadive has been unanimously approved Tuesday the NBA Board of Governors.
The transaction is expected to close soon.
Ranadive led a group that invested more than $341 million to buy 65 percent of the team from the Maloof family, which assured that the franchise will remain in California.
A competing bid by a Seattle group including hedge fund manager Chris Hansen and Steve Ballmer, CEO of Microsoft, was voted down 22-8 by the NBA's Board of Governors. The Maloofs had supported the relocation bid, but NBA commissioner David Stern said Sacramento had proven it was a worthy market to keep the team.
In order to assume ownership, Ranadive divested his minority stake in the Golden State Warriors. He is the first owner of Indian descent in the NBA.