facebook
twitter
search
search

Deal reached for Sacramento Kings sale

May 17, 2013 at 6:27 PM

SACRAMENTO, May 17 (UPI) -- The owners of the Sacramento Kings have reached an agreement to sell the NBA team to a group led by software magnate Vivek Ranadive.

USA Today reported the Maloof family, which currently owns the Kings, reached a deal with Ranadive's group to keep the team in Sacramento under the new owners, who have agreed to pay $535 million to the Maloofs.

"It won't be final, final until tomorrow," Ranadive said Thursday night. "I had a sense earlier today" that it would be completed.

"It's going to be exciting. We're going to build a global brand with the Kings. We're going to give the fans the product that they deserve. There's a lot of work to be done," he said.

The NBA Board of Governors previously voted 22-8 to reject a proposal to relocate the team to Seattle.

Related UPI Stories
Latest Headlines
Trending Stories
Electronics certification company makes hoverboard burst into flames
Eli Manning explains pout after Denver Broncos' Super Bowl score
Duke's Grayson Allen trips Louisville player
Nicola Griffin to appear in Sports Illustrated swimsuit issue at 56
Larry Sanders considering NBA comeback