"I loved being the owner of such a forward-thinking organization" - Shaquille O’Neal bids goodbye to Sacramento Kings after selling minority ownership

Shaquille O'Neal in a Sacramento Kings press conference

Former Los Angeles Lakers star Shaquille O’Neal has announced that he has sold his minority ownership of the Sacramento Kings. The big man made the announcement on his Twitter page on Wednesday, sharing his reasons for the exit. He did not sell his shares just to cash-out, but due to a new venture which will not be possible otherwise.

. @SacramentoKings @Vivek All love…✌🏿👑 #Shaqramento https://t.co/QJ3gtDcwUO

In August 2021, Shaquille O’Neal partnered with WynnBET as a brand ambassador. WynnBET is a premier sports betting app and Shaq has already appeared in a lot of their promotions.

He is also set to launch "ShaqPot", a free-to-play prediction game sponsored by the sportsbook. In his message to the Sacramento franchise and its owner in the form of a tweet, Shaq said:

“As a result of a new business endeavor, I was required by NBA rules to sell my interest in the Sacramento Kings.”

Over the eight years he has spent as a minority owner of the franchise, Shaq has built a good relationship with the team’s majority owner, Vivek Ranadive, and the Sacramento fans.

Owning an NBA franchise was a big deal for Shaq, but he seems clear in his plan of probably doing it again in the future. O’Neal thanked the city of Sacramento, saying:

“I want to thank the fans, the city of Sacramento, Vivek Ranadive 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.”

Shaq reportedly sold his stake to private equity fund Arctos Sports Partners, who already had a percentage of ownership in the Kings. O’Neal went on to mention the fund in his tweet, saying:

“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 the NBA going forward. Till we meet again… ”

Shaquille O’Neal has on-court history with the Sacramento Kings

During his time with the Los Angeles Lakers, Shaquille O’Neal played against the Kings in the playoffs in all his championship seasons. His first encounter against the Kings in playoffs was in round 1 of the 2000 playoffs.

The Lakers won the series 3-2, as Shaquille O’Neal was on a mission. In those five games, he averaged 29.4 points, 17.4 rebounds and 2.6 blocks. His highest-scoring game in the 2000 playoffs was game 1 versus the Kings, when he scored 46 points, shooting an efficient 63.6% from the field.

In the 2000-01 season, the Kings had a strong regular season record, finishing third behind the San Antonio Spurs and LA Lakers. O’Neal met the Sacramento Kings in the 2001 Western Conference semifinals. This time, the Lakers swept the Kings in four games, while Shaq averaged 33.3 points, 17.3 rebounds and 3.3 blocks.

📅 On this day in 2002, the @Lakers Shaquille O'Neal had 41 points and 17 rebounds in a 106-102 win over the Kings in Game 6 of the WCF.

It was the first of seven straight 30p/10r playoff games for O'Neal, tied for the second-longest such streak in NBA postseason history. https://t.co/La1eItGdEy

The following season, the Sacramento Kings performed even better, finishing first in the Western Conference standings with a 61-21 record. They beat the Utah Jazz and Dallas Mavericks to face off against the Lakers in the Western Conference Finals.

This time the series lasted seven games. It was a very tight series, with the last four games coming down to final seconds. Shaquille O’Neal averaged 30.3 points, 13.6 rebounds and 2.4 blocks in the seven-game series, which was eventually won by the Lakers in overtime.