NBA franchise valuation of $535 million. Ranadivé, 55, named Raj Bhathal, 71, founder of Tustin-based Raj Manufacturing, one of the largest swimwear companies in the nation, as one of the investors in a consortium to buy a majority stake in the Kings from the franchise's longtime owners, the Maloof family, for a reported $348 million. The group fought off a rival bid that would have moved the team to Seattle after the NBA's Board of Governors rejected investor Chris Hansen's bid to relocate the team. The new owners intend to keep the team in Sacramento. On May 28, the NBA Board of Governors unanimously approved the sale, ending several years of efforts by other cities to take possession and move the Kings out of Sacramento. On May 31, 2013, the Kings closed escrow, finalizing the sale to the Ranadivé group at a record valuation of $534 million, beginning a new era for the franchise. Plans were already underway to move forward on an arena, as the Downtown Plaza was reportedly being sold to the Sacramento ownership group. A month later, on July 30, Turner Construction was selected to be the builder of the arena. Once the sale had closed and ownership was transferred to Ranadivé, the Kings began making changes to the management and staff. Geoff Petrie and Keith Smart were released; Mike Malone and Pete D'Alessandro were brought in to replace them. Corliss Williamson, Brendan Malone, Chris Jent, and Dee Brown were brought in as assistant coaches. On July 10, NBA executive Chris Granger was hired as team president. On September 23, 2013, Shaquille O'Neal purchased a minority share of the team, jokingly dubbing the team's new organization the "Shaqramento Kings". These hires coincided with several roster moves. In the 2013 NBA draft on June 27, the Kings selected Kansas shooting guard Ben McLemore, who was widely projected to go top-five, with the seventh overall pick. They also selected point guard and former McDonald's All-American Ray McCallum, Jr. from the University of Detroit with the 36th pick. One week later, on July 5, the Kings sent former NBA Rookie of the Year Tyreke Evans to the New Orleans Pelicans in a three-team deal involving Robin Lopez, Greivis Vásquez, Jeff Withey, Terrel Harris, and picks. On July 9, the Kings traded a future second-round draft pick to the Bucks in exchange for defensive small forward Luc Richard Mbah a Moute,