Former NBA star Shaquille O’Neal is no longer the minority owner of the Sacramento Kings, the former center of the Lakers, Magic and Heat has announced.
In an address on Twitter, O’Neal explained that because of the new business venture and the rules of the NBA League, he had to sell his Sacramento Kings shares.
From O’Neal’s announcement, he appears to have sold his stake to the private equity fund Arctos Sports Partners, which specializes in acquiring minority stakes in sports professional teams.
The former Los Angeles Lakers star became the minority owner of the Kings in 2013.
Indian businessman Vivek Ranadive remains the majority owner and president of the team from Sacramento. He acquired most of the franchise back in 2013 by buying shares from the Maloof family.
