Kings officially sold for a record $534 million

The Kings are officially now in the hands of new owner Vivek Ranadive's investment group. (Rocky Widner/NBAE/Getty Images)

The sale of the Sacramento Kings is now final with the Maloof family saying Friday that the agreement to sell the family’s controlling interest in the team and ownership of Sleep Train Arena to the Sacramento investor group led by Vivek Ranadive has closed escrow and is now final, the team announced.

The transaction valuation equates to a purchase price of over $534 million, which is an NBA record.

“We congratulate Vivek Ranadive and the entire Sacramento investor group for their willingness to come forward and purchase the franchise for the people of Sacramento,” says George Maloof. “We are confident they will provide the stewardship necessary to continue to guide the organization to successful levels.”

The NBA had blocked the Maloofs from selling the franchise to a Seattle, Wash., group two weeks ago.