Now an Indian owner for NBA franchise

Updated: May 17, 2013, 23:40 PM IST

New York: A group based in Sacramento, California and headed by an Indian called Vivek Ranadive, has agreed to an offer to buy NBA side Sacramento Kings.

This comes a day after NBA owners rejected Sacramento Kings` move to Seattle. Which prompted the Maloof brothers, owners of the franchise, to sell the basketball side to Ranadive.

Ranadive, who is a software billionaire, will purchase 65 percent of the Kings from the Maloof family in a deal that is expected to be announced later today in the States.

The 65 percent purchase of the Kings from the Maloof family will be for a reported fee of approximately USD 348 million. The Kings` total valuation in the sale is USD 535 million, an NBA record.

The Maloofs, who have owned the team since 1998, had hoped to sell the stake to a group of Seattle businessmen that was offering USD 406 million for their shares. The family later proposed keeping controlling interest of the team but selling off a 20 percent stake to the Seattle group.

But with the league`s owners supporting Ranadive and the team remaining in California, the Maloofs had to drop the idea.