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NBA Board of Governors Unanimously Approves Sale of Kings to Vivek Ranadivé

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Let the new era begin!

USA TODAY Sports

It's officially official.

While this was a mere formality, it's still nice to see it in writing. Sacramento is now Maloof-free and ready to begin a new era, one with a better team and a brand new arena.

Escrow is set to close on May 31st, so it's unlikely we'll see any changes in team management until then. There are rumors floating around that Mike Malone is set to be the next Kings head coach, and that a new GM is being searched for even now. Change will come swiftly as the team prepares for the 2013 NBA Draft.

It's unknown if Vivek has divested himself of his minority stake in the Golden State Warriors yet, although that likely will not hold up the sale. There also is no word on what will happen with Bob Cook's 7% minority stake now that Chris Hansen is out of the picture.

UPDATE 1:00 P.M.: