POSTED: Aug 16, 2013 2:53 PM ET
OAKLAND, Calif. (AP) — Silicon Valley venture capitalist Mark Stevens has purchased the minority stake in the Golden State Warriors previously held by new Sacramento Kings owner Vivek Ranadive.
The agreement announced Friday makes Stevens an executive board member, joining the ownership group led by Joe Lacob and Peter Guber. Terms of the purchase were not released.
Stevens is the managing partner of the investment company S-Cubed Capital in Menlo Park, Calif. He also is a special limited partner and former managing partner at Sequoia Capital, a global venture capital firm.
NBA rules required Ranadive to relinquish his stake in the Warriors after leading a group that purchased a controlling interest in the Kings in May.