The sale of the Sacramento Kings is finally complete.
The Maloof family announced Friday that the agreement to sell the Kings and Sleep Train Arena to a group led by Vivek Ranadive (VIHV'-ehk rah-nah-DEE'-vay) closed escrow. Ranadive's group acquired a 65 percent controlling interest in the team at a total franchise valuation of more than $534 million, topping the NBA record of the $450 million that Joe Lacob and Peter Guber bought the Golden State Warriors for in 2010.
Brothers George, Joe and Gavin Maloof thanked the NBA and Commissioner David Stern for their work in helping complete the transaction. The family also congratulated Ranadive and praised Sacramento Mayor Kevin Johnson and the City Council "for their efforts and loyalty to the Sacramento community."