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NBA approves sale of Kings

Updated: May 28, 2013, 7:51 PM ET
Associated Press

The NBA Board of Governors unanimously approved the sale of the Sacramento Kings on Tuesday to a group led by TIBCO Software chairman Vivek Ranadive.

The league said in a statement that the "transaction is expected to close shortly."

After owners blocked the relocation of the franchise to Seattle earlier this month, the Maloof family reached an agreement to sell a 65 percent controlling interest in the Kings to Ranadive's group at a total franchise valuation of $535 million. Ranadive, ...

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