Vivek Ranadive became NBA’s (National Basketball Association) first India-born majority owner of ‘Sacramento King’. NBA Board of Governors unanimously approved the sale of Sacramento Kings on Tuesday, May 28th, 2013.
Vivek Ranadive a minority owner with the Warriors joined a team led by health-club financier Mark Mastrov and billionaire Ron Burkle to bid for the Kings to help keep them in Sacramento. Ranadive emerged as the leader, which also included the Jacobs family from San Diego, another Indian-born businessman Raj Bhathal and Australian Silicon Valley entrepreneur Katrina Garnett. The Investment Group led by Ranadive succeeded in competing and beating the $406 million bid led by Steve Ballmer ,Microsoft Chief Executive Officer. The deal was concluded from the team’s existing majority owner since 1999 – the Maloof family of Las Vegas Hotel fame. A new stadium is part of Ranadive’s package. Sacramento City Council now has a public-private deal in place to build a new 18,500 seat arena and retail centre downtown.
Sacramento Mayor Kevin Johnson, a former NBA and Cal Berkeley star says of Ranadive ” He’s a visionary. He understands technology and startups, he’s built businesses “.
Vivek Ranadive was born in Juhu October 07th, 1957. With $50 in his pocket he left Bombay bound for the U.S. at the age of 17. He went on to complete his Bachelors and Masters degree in Electrical Engineering at MIT. Subsequently pursued an MBA at Harvard University in 1983 where he was a Baker Scholar.
Ranadive a slight and unassuming man, worked his way turning his enterprises as Founder and CEO of a multi-billion dollar real-time computing company of Palo Alto’s TIBCO Software.He is a Tae Kwon Do Black Belt and a sports buff. Ranadive has 3 children.
Awards: 1)2002: Info World’s 2002 Top Ten Technology Innovators (2) 2002: Ernst & Young Software Entrepreneur of the Year (3)2005: Wharton Infosys Business Transformation Award (WIBTA): North America Technology Change Agent Award (4) 2008: South Asian CEO of the Year – by the South Asian MBA Association (SAMBAA)
Books: Vivek Ranadive has authored the following books. (1) ‘The Power of Now’- 1990 ( a New York Times best seller) (2) ‘The Power to Predict’- 2006 (International best seller and was profiled in Forbes, Harvard Business School and the Wall Street Journal’s – Smart Money (3) ‘The Two Second Advantage – How We Succeed by Anticipating the Future Just Enough’ – 2011 (the book was New York Times, Wall Street Journal and USA Today best seller).
Sacramento, is the capital of State of California, USA.