H-SPORTS

May 17, 2013 1:43 AM by Andrew Masuda

AP Source: Maloofs reach agreement to sell Kings to new investors

A person familiar with the deal says the Maloof family has reached an agreement with a Sacramento group headed by software tycoon Vivek Ranadive to sell a 65 percent controlling interest in the Kings at a total franchise valuation of $535 million.

The person, speaking on condition of anonymity to The Associated Press late Thursday night because they weren't authorized to talk publicly, said there are about 30 investors in the group. An official announcement is expected Friday.

The NBA is expected to officially approve the agreement next week. The person said the agreement has to be closed by May 31.

On Wednesday, the NBA Board of Governors rejected a bid from a Seattle group that wanted to buy and move the franchise to the Pacific Northwest.

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