Vivek Ranadivé purchased Bob Cook's seven percent stake in the Sacramento Kings, according to the Sacramento Bee (via NBC Sports' Aaron Bruski), after officially acquiring a 65 percent controlling interest in the team from the Maloof Family earlier on Friday.
Chris Hansen, who headed up a group of Seattle investors' efforts to buy the team, bid $15.1 million for Cook's minority share of the Kings in March. After conflicting reports about whether or not Sacramento-based minority owners would exercise their right to match Hansen's bid surfaced in the following weeks, Ranadivé added additional security for the city of Sacramento by snatching up the stake.
Ranadivé paid in excess $534 million, an NBA record, for his stake in the team and its home, Sleep Train Arena.
Ranadivé previously co-owned the Golden State Warriors before purchasing the Kings.