Indo-American software tycoon Vivek Ranadive has become the majority owner of the Sacramento Kings basketball team.
Mr Ranadive is said to have spent a record $535 to secure a 65% stake in the California-based team.
He told USA Today: “We’re going to build a global brand with the Kings. We’re going to give the fans the product that they deserve.”
The Kings is the second investment in the NBA for Mr Ranadive, who has been a long-term shareholder of the Golden State Warriors, another California-based team.
Ranadive, 55, left Mumbai in 1973 for the US where he studied at the Massachusetts Institute of Technology and later Harvard University.
After stints as an engineer at Ford and Fortune Systems, Ranadive founded Teknokron Systems, the company which invented the The Information Bus or TIB which is commonly known as the “BUS”, a vital component of any computer, enabling communication between the CPU and the operating system.
In 1997, with funding from CISCO and Reuters, Ranadive founded TIBCO, a ‘real-time’ software-provider for everything from sports news channels to commodities trading rooms.
The father-of-three reportedly developed his love for basketball whilst coaching his daughter’s high school team that enjoyed unprecedented success during Ranadive’s coaching tenure, which was later documented by the New York Times.
The Kings are one of the less successful teams in the NBA, the world’s largest and most lucrative basketball league with annual revenues set to top $5 billion in 2013.
Ranadive has pledged to bring some of his business nous to the Kings.
“I’m going to do what I do in my business, which is surround myself with people that are way smarter than me. I am a huge fan. I’m going to be there at all the games, be there to support the team in every way.”
“It’s one step at a time,” Ranadive added. “I’m one of these guys who doesn’t like to get ahead of the game.
“We still have a lot of work to do. I’ve learned a lot, but there’s a lot more to learn. And it’s going to be a process. It’s not going to be an overnight miracle there, so it’s going to take some work,” he was quoted as saying.