By Johnny Askounis/ email@example.com
Shaquille O’Neal announced that he sold his share of the Sacramento Kings.
“As a result of a new business endeavor, I was required by NBA rules to sell my interest in the Sacramento Kings,” he wrote via a post shared on Twitter Wednesday, “I want to thank the fans, the city of Sacramento, Vivek Ranadive and the entire Kings organization for our great partnership. I loved being an owner of such a forward thinking organization and I hope to be back someday.”
O’Neal, 49, was prohibited by NBA rules to remain a minority owner of the Kings, after signing an endorsement deal with a sports betting company. He had to liquidate his stake and leave the California franchise.
“I was fortunate to have Arctos help me with this transaction,” he added noting the deal with the private equity firm regarding his minority interest, “I’m sure they will be a great partner for Vivek, the Kings and the NBA going forward. Till we meet again…”
Expanding his business ventures, he had become a partial owner of the Kings in 2013.
In 2011, the four-time NBA champion wrapped up his playing days stretching 19 years after being selected first overall in the 1992 draft coming out of LSU. Representing the USA at the international level, he captured gold medals in the 1994 FIBA World Cup and 1996 Olympic Games.
He was inducted into the Naismith Memorial Basketball Hall of Fame in 2016 and into the FIBA Hall of Fame in 2017.
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