The Maloof family, which had held the team since 1999, sold the club to a group headed by Vivek Ranadive, who previously had been part owner of the Golden State Warriors.
Controlling interest in the Kings and ownership of the arena in which they play were sold for an NBA record $534 million. The league had signed off on the deal last Tuesday.
"We respect and would like to acknowledge the NBA Board of Governors' dedication and diligence in working through this process over the past several months," George Maloof said.
"On behalf of my family, I would like to thank Commissioner David Stern and the NBA staff who worked tirelessly on this transaction. I also would like to praise Mayor Kevin Johnson [a former NBA player] and the Sacramento city council and staff for their efforts and loyalty to the Sacramento community."
The Maloof family had originally agreed to sell 65 percent of the team to a group that would have moved the Kings to Seattle. NBA owners, however, voted to keep the club in Sacramento.
The Sacramento City Council agreed in March to the construction of a new arena, a decision that led to the bid from Ranadive's group.
Sacramento is the current home of a franchise that was created 65 years ago as the Rochester Royals. The Kings also played in Cincinnati and Kansas City before coming to California in 1985.