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.

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