Due to the fact that O'Neal wants to conduct business in the sports gambling space, he must sell his stake in the Kings. He announced the news on his Twitter account.
"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 on Wednesday night. "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..."
The responses to this letter from O'Neal are all over the place.
Some fans in Sacramento are upset O'Neal is giving up his stake in the Kings, while others didn't even know he was a minority owner in the first place.
"Shaq having a stake in the kings was always so strange to me," one fan said.
"You did nothing for us," a Kings fan tweeted.
"I didn't even know he still was part of the ownership group," another fan said.
O'Neal announced his interest in WynnBet back in August, so the writing was on the wall for this move.
If anyone is interested in purchasing a minority stake in the Kings, now is the right time.