x
Breaking News
More () »

Sacramento Kings minority owners sell shares to majority owner, Vivek Ranadivé

Vivek Ranadivé and Arctos Sports Partners have purchased the remaining shares of the Sacramento Kings.

SACRAMENTO, Calif. — Vivek Ranadivé and Arctos Sports Partners purchased the remaining shares of the Sacramento Kings.

According to a press release, Vivek Ranadivé and Arctos Sports Partners purchased the shares of former owners Mark Friedman, a local developer, Brad Jenkins, a Sacramento-based telecommunications president, Mark Mastrov, founder of 24 Hour Fitness,  Andy Miller, a tech entrepreneur, and Kevin Nagle, the owner of the Sacramento Republic FC.

Although Nagle sold his individual shares of the Kings, he still remains the largest investor of the "Play to Win" group of local investors for the Kings.

Each of the former owners was part of the ownership group that bought the Kings from the Maloof family and kept the Kings in Sacramento. A different ownership group that put in an offer was prepared to move the team to Seattle.

“We are tremendously thankful to Mark Friedman, Brad Jenkins, Mark Mastrov, Andy Miller and Kevin Nagle for their transformational investment in our franchise,” said Sacramento Kings Owner and Chairman Vivek Ranadivé in the press release.

 “They have been instrumental in our vision for the organization and their commitment made it possible for the team to stay where it belongs – in Sacramento. We are excited to welcome Arctos Sports Partners to the franchise and look forward to continuing to make Sacramento Proud.”

The Kings will open the season in Portland on Oct. 20, against the Damian Lillard-led Trailer Blazers. The two western conference teams haven't opened the season against each other since the 1989-90 season.

 WATCH MORE | Rafel 'Crush' Davis of Sacramento Kings Guard describes journey to the NBA 2K League