The league announced the sale to a group spearheaded by Ranadive and 24 Hour Fitness chain founder Mark Mastrov had been unanimously approved by the NBA's 29 other owners.
Ranadive's group offered a reported $347 million to the Maloof family for the struggling franchise to keep it in Sacramento in a new 18,500-seat downtown arena and retail center, which was approved by the City Council in March.
League owners this month rejected the proposed move in a 22-8 vote.
The Maloofs gained majority control of the Kings in 1999, and in recent years had alienated fans after they rejected several tries by Sacramento Mayor Kevin Johnson to work out a new arena deal.
The team, which began as the Rochester Royals in 1948-49, moved to Sacramento from Kansas City before the 1985-86 season.