NBA Legend O’Neal has finalized the sale of his ownership stake in Sacramento Kings

Shaquille O’Neal, in 2013 purchased a minority stake in Sacramento Kings franchise. The team made a big show of the purchase back then. The NBA legend is now moving on from his ownership stake following a requirement of NBA rules. It remains unclear how much O’Neal gained in profit from his nine-year investment in the Kings.

“As a result of a new business endeavor, I was required by NBA rules to sell my interest in the Sacramento Kings. I want to thank the fans, the city of Sacramento, Vivek Ranadivé, and the entire Kings organization for our great partnership. I loved being an owner of such a forward-thinking organization and I hope to be back someday,” O’Neal said in a tweet. “I was fortunate to have Arctos help me with this transaction. I’m sure they will be a great partner for Vivek, the Kings, and NBA going forward.”

O’Neal still had nice words to say about his stay at Kings despite him, reportedly, not having accurate information about the team. In 2017, O’Neal thought Sacramento Kings signed Otto Porter when he signed an offer with the Nets. The Kings reportedly made Porter an offer but it never became official. Despite owning a minority share in the team, O’Neal was left in the dark about the deal, and went on national television to say that Otto Porter was now playing for Sacramento.

The former NBA star, a now-turned investor has continued to make investments and pursue deals with companies including Papa John’s, Annie Anne’s, and Playboy. He retired in 2011 and got inducted into the Basketball Hall of Fame in 2016. In August 2021, O’Neal reportedly signed a deal to become a brand ambassador for WynnBet, a premier mobile betting app. This new deal led to him selling his minority stake in Kings, which valued around 2% - 4% of the team’s $1.9 billion valuation.

“NEWS: Shaq has been named a brand ambassador for @WynnBet and will be the face of the advertising campaigns across TV, digital, and print," said sports analyst and media personality Joe Pompliano, in a tweet. “To comply with NBA rules, Shaq will have to sell his minority stake in Sacramento Kings. He’s up 250% since he acquired the stake in 2013.”

The NBA rule that terminated O’Neal’s contract with the Kings states that anyone who participates in the sports betting space must not have an interest or stake in any team to avoid conflict of interest. O’Neal’s decision to enter into the sports betting space, as well, as become a brand ambassador for a sports betting platform, put him on the spot.