Maloofs, Sacramento group agree
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.
Read full story