The NBA Board of Governors unanimously approved the sale of the Sacramento Kings to an ownership group led by software mogul Vivek Ranadive.
The transaction is expected to close shortly, the league announced today.
Gaining approval from the 30 NBA owners was a formality after the board voted 22-8 against Chris Hansen’s bid to move the team to Seattle. Blocking the relocation attempt ended Hansen’s pursuit to purchase 65 percent of the franchise from the Maloof family and business partner Robert Hernreich.
Hansen also was going to purchase seven percent of the Kings that belonged to Bob Cook, who had been a part-owner of the Kings since 1985 before he filed for bankruptcy in 2011. Hansen needed league approval to complete the sale.
Neither the NBA, Hansen or Ranadive has commented on Hansen retaining a minority stake in the team. However, it’s believed the NBA did not approve the sale to Hansen.