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Maloofs to sell Kings for $535M

Published May 16, 2013 9:45 pm

This is an archived article that was published on sltrib.com in 2013, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

NBA • 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, said there are about 30 investors in the group. An 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.

The Associated Press