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Sacramento Group Comes to Agreement With Maloofs to Buy the Sacramento Kings

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The Sacramento Bee has broken the news that the Maloofs have agreed to sell their majority share of the team to the Sacramento group led by Vivek Ranadivé for $535 million. The official announcement will come tomorrow.

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Yesterday, the NBA Board of Governor's officially voted down relocation by a margin of 22 to 8. It was anticipated that a sale to the Sacramento group would take place within the next 24-48 hours, although there was some noise from George Maloof that they would consider keeping the team.

In the end, that was just more noise to squeeze out one last concession before finally giving in.

The Sacramento Bee's Tony Bizjak has the scoop, as he reports tonight that the Maloofs have come to an agreement to sell their controlling interest in the Sacramento Kings to the group led by Vivek Ranadivé for an NBA record $535 million valuation. The official announcement is expected tomorrow, with statements from both parties. The NBA will likely approve this deal sometime this weekend, with escrow expecting to close by the end of may.

This will mark the official end of an era, one that saw both the highest highs and the lowest lows of the Sacramento Kings franchise.

More importantly, it begins a new one, a fresh start for a franchise that has been in the dumps. A new building is on the way, and a new visionary is in charge.

Long Live the Sacramento Kings.