Indian American buys Sacramento Kings

May 18, 2013, 02:58 IST | IANS

Indian American software magnate Vivek Ranadive has become the first person of Indian descent to become the owner of a major US basketball team after securing an agreement to buy 65 percent of the Sacramento Kings from the Maloof family for a National Basketball Association (NBA) league-record valuation of USD 535 million.

Ranadive left India as a 17-year-old to attend MIT and later founded his USD 4 billion company in Silicon Valley, Tibco.

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