Sacramento Kings Sale to Ranadive Group Complete A new owner is in place. A new coach is on the way. And for the first time in 14 years, Sacramento Kings fans can celebrate a new era. The Maloof family completed the sale of the Kings and Sleep Train Arena to a group led by TIBCO Software chairman Vivek Ranadive on Friday, officially transferring ownership of the NBA franchise. Ranadive's group acquired a 65 percent controlling interest in the team at a total franchise valuation of more than $534 million, topping the NBA record of $450 million that Joe Lacob and Peter Guber paid for the Golden State Warriors in 2010. "We are pleased for both the Maloof family and the Ranadive group, but particularly pleased for the fans of the Kings," NBA Commissioner David Stern said. Brothers George, Joe and Gavin Maloof also released statements thanking NBA owners, Stern and the family's limited partners with the Kings. George Maloof specifically praised Sacramento Mayor Kevin Johnson and the City Council "for their efforts and loyalty to the Sacramento community." Ranadive, a former minority owner of the Warriors, already has been busy making moves to rebuild the fallen franchise. The Kings have an agreement in place with Warriors assistant Mike Malone to become their head coach, a person familiar with the decision told The Associated Press. The person, speaking on condition of anonymity because they weren't authorized to speak publicly, said Malone was Ranadive's top choice. The Kings released a statement late Friday afternoon confirming Keith Smart, who had one year remaining on his contract, was fired as coach. Smart took over the Kings for the fired Paul Westphal in January 2012, and he was dismissed by the Warriors in similar fashion by new owners following the 2010-11 season. "I enjoyed my time immensely in Sacramento," Smart said. From working with the people in basketball operations to the business side of the organization to interacting with the people of the city, it was a pleasure to be around such a classy group. Ranadive still has to hire a general manager - a move that typically comes before finding a coach; the contract for president of basketball operations Geoff Petrie ends June 30. In a statement released through the Kings, Ranadive thanked all involved. "Mayor Kevin Johnson and the leadership group of Sacramento should be commended for their relentless efforts, hard work and tireless drive to keep the Kings in the city where they belong," Ranadive said. We also extend our thanks to the Maloof Family for their support and cooperation throughout the sale process. Because of their efforts, this team has risen to an impressive legacy, which includes the most passionate fanbase in the NBA. Again, thank you to Sacramento Kings fans for their unwavering commitment and loyalty to myself and this organization. Without them, this success would not have become a reality. At the end of the day, this team belongs to the people of Sacramento, and our mission is to support them. We are excited to begin the process of building a 21st century franchise that will be a source of pride and excitement for years to come. The sale's completion capped a comeback few outside California's capital city believed would happen. After owners blocked the Maloofs' agreement with investor Chris Hansen to buy and relocate the Kings to Seattle earlier in May at a total franchise valuation of $625 million, the family pushed ahead with the "backup offer" to sell the team to Ranadive's group.