The sale of the Sacramento Kings is finally complete.

The Maloof family announced Friday that the agreement to sell the Kings and Sleep Train Arena to a group led by TIBCO Software chairman Vivek Ranadive is done. Ranadive's group acquired a 65 percent controlling interest in the team at a total franchise valuation of more than $534 million, topping the NBA record of $450 million that Joe Lacob and Peter Guber bought the Golden State Warriors for in 2010.

Brothers George, Joe and Gavin Maloof released statements thanking the NBA, Commissioner David Stern and the family's limited partners with the Kings. George Maloof specifically praised Sacramento Mayor Kevin Johnson and the City Council "for their efforts and loyalty to the Sacramento community."

After owners blocked the Maloofs' agreement with investor Chris Hansen to buy and relocate the Kings to Seattle in early May at a total franchise valuation of $625 million, the family pushed ahead with the "backup offer" to sell the team to Ranadive's group. Under NBA rules, Ranadive will have to sell his minority stake in the Warriors.

The Sacramento group also includes 24 Hour Fitness founder Mark Mastrov, former Facebook senior executive Chris Kelly and the Jacobs family that owns communications giant Qualcomm.

"We congratulate Vivek Ranadive and the entire Sacramento investor group for their willingness to come forward and purchase the franchise for the people of Sacramento. We are confident they will provide the stewardship necessary to continue to guide the organization to successful levels," George Maloof said in a statement.

The sale officially ends the family's 14-year reign as majority owners of the team.