A new owner is in place. A new coach is on the way. And for the first time in 14 years, Sacramento Kings fans can celebrate a new era.

The Maloof family finalized the sale of the Kings and Sleep Train Arena to a group led by TIBCO Software chairman Vivek Ranadive on Friday, the NBA confirmed. Ranadive’s group acquired a 65 percent controlling interest in the team at a total franchise valuation of more than $534 million, topping the NBA record of $450 million that Joe Lacob and Peter Guber bought the Golden State Warriors for in 2010.

“We are pleased for both the Maloof family and the Ranadive group, but particularly pleased for the fans of the Kings,” NBA Commissioner David Stern said.

Brothers George, Joe and Gavin Maloof also released statements thanking NBA owners, Stern and the family’s limited partners with the Kings. George Maloof specifically praised Sacramento Mayor Kevin Johnson and the City Council “for their efforts and loyalty to the Sacramento community.”

Ranadive already has been busy making moves to rebuild the fallen franchise.

Reported by the Associated Press