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Sacramento Kings owners reach deal to sell team to local investors

The owners of the Sacramento Kings basketball franchise have struck a tentative deal to sell the sought-after California team to local investors after the National Basketball Association denied a proposal to move the team to Seattle, a spokesman for Sacramento Mayor Kevin Johnson said on Friday.The deal by an investor group led by tech titan Vivek Ranadive follows months of bitter wrangling between Seattle investors who wanted the team to replace a beloved Pacific Northwest franchise lost in 2008 and California investors who wanted it to stay put.Johnson's spokesman declined to give details on the tentative deal to keep the Kings in the California capital. But a source close to the negotiations said it values the franchise at roughly $535 million and the group has placed more than $341 million in escrow.For Ranadive to buy a 65 percent stake in the Kings, he must divest his minority ownership stake in the Golden State Warriors, which could happen as early as Friday."The wheels are in m...

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  1. Microsoft CFO to leave; profit, shares rise

    Microsoft Corp Chief Financial Officer Peter Klein is leaving at the end of June after 3-1/2 years in the post, as the world's biggest software company struggles wit...

  2. Microsoft 3Q Revenue Jumps 18%; CFO to Leave

    Microsoft (NASDAQ:MSFT) reported earnings growth of 19% in the third quarter amid higher sales in its Windows division, beating Wall Street expectations.The software...

  3. Microsoft Working on 7-Inch Tablet -Sources

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  4. Five Tech CEOs in the Hot Seat

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  5. EU Fines Microsoft for Breaking Browser Promise

    The European Union fined Microsoft Corp 561 million euros on Wednesday for failing to offer consumers a choice of web browser, a charge that will act as a warning to...

  6. EU Imposes EUR561 Million Fine on Microsoft

    Microsoft Corp. (MSFT) has been hit with a 561 million euros ($729.8 million) fine by European Union regulators after it broke its promise to offer millions of users...

  7. Bill Gates Says Microsoft Made Mistakes in Early Mobile Strategy

    Microsoft Corp (NASDAQ:MSFT) Chairman Bill Gates said he was not satisfied with the company's pace of innovation over the last few years, and that it had mishandled ...

  8. Sale of Kings Could Hurt Sacramento Economy

    It's a tale of two cities fighting for the Sacramento Kings. Last month, the Maloof family, owners of the Kings, agreed to sell the controlling interest in the team ...

  9. Microsoft defends frayed PC ecosystem with $2 billion Dell loan

    Microsoft Corp is playing defense with a $2 billion loan to help Dell Inc's founder buy back the world's No.3 PC maker as it seeks to shore up support for Windows an...

  10. Why Silicon Valley Needs Immigration Reform

    For many companies, immigration reform has been a no-brainer for a long time.It isn't just chip makers that need engineers and math whizzes they say they can't find ...

  11. How Can Microsoft Reign Supreme Again?

    CLSA senior analyst Ed Maguire discusses Microsoft's business.

  12. Microsoft Logs Mixed 2Q Results as Net Slips 3.7%

    Microsoft  (NASDAQ:MSFT) disclosed a 3.7% dip in fiscal second-quarter profits on Thursday, but the software heavyweight's adjusted earnings easily beat Wall Street'...

  1. Al's Emporium: Steve Ballmer's Epitaph

    When Microsoft honcho Steve Ballmer unveiled Windows 8 last October, he called it a "bet-the-company moment."Here's the first rule he broke: Don't bet the farm. Here...

  2. Microsoft Eyeing Barnes & Noble's Digital Nook Assets?

    In yet another effort to try to tap a tech-savvy generation, Microsoft (NASDAQ:MSFT) is reportedly mulling buying the digital assets of Nook Media from Barnes & Nobl...

  3. Microsoft Names Amy Hood as New Finance Chief

    Microsoft Corp. (MSFT) named Amy Hood as its new chief financial officer, replacing Peter Klein as he prepares to leave the company next month.Ms. Hood, 41 years old...

  4. Microsoft Names Hood as New Finance Chief

    Microsoft Corp. (MSFT) named Amy Hood as its new chief financial officer, replacing Peter Klein as he prepares to leave the company next month.Ms. Hood, 41 years old...

  5. Microsoft Names New CFO

    Microsoft (NASDAQ:MSFT) named vice president Amy Hood as its next chief financial officer Wednesday, effective immediately.She replaces Peter Klein, who will stay wi...

  6. Fight for Kings NBA team not over, Seattle investor vows

    A Seattle hedge fund manager whose bid to move basketball's Sacramento Kings to the Pacific Northwest city was rejected by a committee of NBA owners vowed on Tuesday...

  7. Microsoft 3rd-Quarter Profit Rises 19%, CFO to Depart

    Microsoft Corp.'s (MSFT) fiscal third-quarter earnings rose 19% as its business software and Windows units performed well in the face of weak demand for personal com...

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