The NBA's Board of Governors has unanimously approved the sale of the Kings to the ownership group led by Vivek Ranadivé, reports CBS Sports' Ken Berger via Twitter.
Ranadivé purchased 65 percent of the Kings from the Maloof family for a league-record valuation of $535 million earlier in May. The transaction was officially approved by the league on Tuesday afternoon.
Ranadivé left India at the age of 17 to attend MIT. He founded Tibco, a $4 billion tech company in Silicon Valley and is also a minority owner of the Golden State Warriors.
Ranadivé tweeted his excitement: