Maloofs, Sacramento group agree

Updated: May 17, 2013, 4:49 PM ET
By Brian Windhorst | ESPN.com

Just a day after NBA owners officially rejected a bid to relocate the Sacramento Kings to Seattle, the team's owners have agreed to sell the Kings to a Sacramento-based group, sources told ESPN.com.

Software billionaire Vivek Ranadive came to an agreement to purchase 65 percent of the Kings from the Maloof family for approximately $348 million, sources said. The Kings' total valuation in the sale is $535 million, an NBA record.

An official announcement is expected Friday.

The ...

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