Known for dominating on the basketball court, Shaquille O'Neal is now giving basketball ownership a shot.
The four-time MVP—who dashed the Sacramento Kings' championship hopes for three straight years and once famously referred to the team as the Sacramento "Queens" —has purchased a minority stake in the franchise.
"There is a new vision in Sacramento," O'Neal said, "A vision to turn the Kings into a 21st century team. The revitalization is going to be tremendous."
O'Neal will join an all-star ownership team that includes TIBCO chairman and CEO Vivek Ranadive. The ownership group bought a 65% stake in the team in May, in a deal that valued the Kings at a league record $535 million. O'Neal declined to elaborate on the size of his ownership stake.
"I'm just glad to have the opportunity to be with some great business minds," O'Neal said, adding that fans can expect technology to play a big role in the team's transformation. "We want to become the first cashless arena."
When asked about his past "Queens" reference, O'Neal told "Squawk on the Street" that "I just wanted to egg on the fans a little bit. With what we're doing in Sacramento now, they will forgive us."