- Sportico reported earlier this month that Arctos would take a 17% stake in Kings
- Deal reportedly values NBA franchise at US$1.8bn
- Nagle says he will remain with team as a minority owner
The Sacramento Kings have confirmed that private equity firm Arctos Sports Partners has acquired a minority share in the franchise, with majority owner Vivek Ranadivé also increasing his stake in the National Basketball Association (NBA) team.
Though the franchise has not officially announced the size of the shareholding taken by Arctos and Ranadivé, it has named the minority owners who have sold their shares.
‘Ranadivé and Arctos Sports Partners have officially bought the shares of former owners Mark Friedman, Brad Jenkins, Mark Mastrov, Andy Miller and Kevin Nagle,’ the Kings said in a statement.
Nagle later took to Twitter to clarify his new position within the franchise, saying that he only sold a portion of his shares and is still a minority owner.
Sportico reported earlier this month that Arctos had agreed a deal to take a 17 per cent stake in the Kings, valuing the team at US$1.8 billion.
The report added that the deal for the Kings was set to be the largest private equity investment since the NBA relaxed its ownership rules to allow institutional investors.
“We are tremendously thankful to Mark Friedman, Brad Jenkins, Mark Mastrov, Andy Miller and Kevin Nagle for their transformational investment in our franchise,” said Ranadivé.
“They have been instrumental in our vision for the organisation and their commitment made it possible for the team to stay where it belongs – in Sacramento.
“We are excited to welcome Arctos Sports Partners to the franchise and look forward to continuing to make Sacramento proud.”
On the commercial front, the Kings have announced a multi-year jersey patch sponsorship deal with business communications company Dialpad.
The franchise has been in the market for a new partner to fill the inventory after its contract with Blue Diamond Growers expired in 2020. Forbes reported that the previous deal was worth US$5 million per year.
Dialpad’s new agreement, financial details of which have not been released, also sees the San Francisco-headquartered firm named the Kings’ official communication provider.