Vivek Ranadive Rumors
A minority owner of the Sacramento Kings is selling a 10 percent stake in the franchise, seeking to capitalize on the mushrooming values of professional sports teams, according to people familiar with the seller and his thinking. In its annual ranking, Forbes in February valued the team at $1.1 billion, 15th in the 30-team National Basketball Association. Since then, the Houston Rockets sold for $2.2 billion, about 33 percent greater than the Forbes valuation. A stake sale in the Brooklyn Nets valued the team at $2.3 billion, 28 percent more than the Forbes estimate.
Vivek Ranadive is the team’s managing partner. The other sizable stakeholders are Qualcomm Inc. Chairman Paul Jacobs and Raj Bhathal, founder of swimwear company RAJ Swim. A Qualcomm spokesperson said Jacobs isn’t selling his stake. An email sent to RAJ Swim’s corporate headquarters wasn’t immediately returned. The Kings have climbed the NBA’s revenue list in the past year, lifted by the opening of the new Golden 1 Center. The arena sits in the middle of what’s called Downtown Commons, a collection of retail and entertainment venues part-owned by the team. This year, the arena has drawn more than 1.6 million customers who spent more than $71.5 million in the downtown area, according to analysts at Downtown Sacramento Partnership, a private, non-profit group.
On a side note, I think Kings owner Vivek Ranadive’s bidding for Iguodala cost Joe Lacob several million dollars, and that’s a win for Vivek (a former Warriors minority owner who was not exactly beloved by the other Warriors owners and who did not love the other Warriors owners).
Eminently approachable and polite, Granger mingled with patrons, fielded complaints, checked on all the details – everything from the length of the lines at restrooms and concession stands to the positioning of the bike racks outside the main entrance. “I’m really sad Chris is leaving,” Ranadive said Monday afternoon from his cell phone, “but when I recruited him, I also knew it wasn’t going to be forever. He built the arena. He stayed a year (afterward). I told him, ‘I’d like to keep you, but I also understand you don’t want to be selling sponsorships your whole life.’ He’s a big time guy.”