Franchises

NBA Kings' Ranadive, Arctos buy out team's minority owners

NBA Kings Owner Vivek Ranadive has "expanded his stake, combining with a private equity firm to buy the ownership shares in the team from five partners," according to Ben van der Meer of the SACRAMENTO BUSINESS JOURNAL. Ranadive and Arctos Sports Partners "bought the shares of Mark Friedman, Brad Jenkins, Mark Mastrov, Andy Miller and Kevin Nagle." Financial terms "were not disclosed." Arctos made its "second investment in a team since January," when the NBA "began allowing private equity investment in franchises." The team said that Nagle "has the largest stake in Play To Win, a group of local investors, but has sold his personal shares." Nagle has led the local effort to garner a MLS franchise for Sacramento, and a "lack of financial wherewithal by the current ownership group" of Sacramento Republic FC, including Nagle, is "often cited as a sticking point by MLS for Sacramento to cinch a franchise." A sale of at least part of his stake in the Kings "could presumably help in that regard" (BIZJOURNALS.com, 9/24). In Sacramento, James Patrick notes those minority owners "helped Ranadive take ownership of the Kings from the Maloof brothers" in '13. Friedman in an email indicated that with the Kings on "more stable ground" than in '13, he "felt like he did his job in keeping the NBA franchise in Sacramento." Friedman wrote in the email, "I am proud to have been able to leverage my expertise in helping develop the arena and reshape our downtown" (SACRAMENTO BEE, 9/24).

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