FRIDAY, 11:17am: The Maloof family has announced in a press release that escrow has closed on the sale of the Kings, putting Ranadive's group in control of the franchise and arena, tweets Howard Beck of the New York Times. Beck adds in a second tweet that the franchise valuation, according to the Maloofs, was over $534MM, an NBA record.
TUESDAY, 1:36pm: The NBA's Board of Governors has officially and unanimously approved the sale of the Sacramento Kings to a group of investors led by Vivek Ranadive, the league announced today. After the league denied the club's relocation bid and the Maloofs reached a sale agreement with Ranadive's group, approval from the Board of Governors was considered merely a formality.
Now that the sale has been approved, Ranadive and Co. are prepared to officially assume control of the franchise, taking the reins from the Maloof family. A Monday report from Sam Amick of USA Today indicated that the new ownership group had already begun the process of seeking out a new head of basketball operations to replace Geoff Petrie. Spurs president R.C. Buford, Warriors assistant GM Travis Schlenk, Grizzlies GM Chris Wallace, and former Pacers GM David Morway are among the names expected to be considered.
Meanwhile, with Keith Smart's future as the Kings' head coach uncertain, Peter Vecsey tweets that Warriors assistant Michael Malone is a "living lock" to become the next head coach in Sacramento. Typically, the team president and/or GM have input in the hiring of a coach, so it'd be a little surprising if the Kings decide on Malone before landing on a head of basketball operations, but we'll have to wait and see how that situation plays out.
With the sale of the Kings approved, Ranadive's group assumes control of 65% of the franchise, having paid an NBA-record valuation of $535MM.