Sacramento, CA (Sports Network) - The Maloof family has reportedly reached an agreement to sell the Kings one day after it was announced the franchise will stay in Sacramento.
The Sacramento Bee announced Thursday the Maloofs completed the sale to the investment grouped headed by Vivek Ranadive for a record $535 million. An official announcement is expected Friday, and the deal needs to be approved by the NBA's Board of Governors.
Team owners voted Wednesday to keep the Kings in Sacramento and rejected Chris Hansen's planned relocation of the franchise to Seattle.
The Maloof family had agreed in January to sell a 65 percent share of the team to a group led by hedge fund manager Hansen and Microsoft CEO Steve Ballmer, who were looking to move the Kings to Seattle and rename it the SuperSonics. The Board of Governors followed an April committee recommendation to stop the Kings from relocating.
On March 27, the Sacramento City Council approved a public-private deal to build a new 18,500-seat arena and retail center downtown.
The Kings went 28-54 this past season and missed the playoffs from the seventh consecutive year.