Shaquille O'Neal Officially Sells Ownership Stake in Kings

O'Neal has had a minority stake in the team since 2013.

Shaquille O'Neal, who purchased a minority ownership stake in the Kings in 2013, has officially sold his interest in the team, he announced Wednesday evening on social media. 

O'Neal, 49, shared on Twitter that he had to sell his stake in accordance with NBA rules, as he is pursuing interest in the sports gambling space. 

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

In August, O'Neal announced he was partnering with WynnBet to be a “brand ambassador” and “provide his expertise to WynnBet as a strategic consultant.”

O'Neal, who retired from the NBA in 2011 and was inducted into the Basketball Hall of Fame in '16, made the announcement on a night when one of his former teams, the Lakers, played the team whose stake he was relinquishing, the Kings. 

Sacramento would go on to defeat Los Angeles, 125–116 and move to 17–27 on the season.