The Maloof family has reached an agreement to sell the Sacramento Kings to Vivek Ranadive and his ownership group, according to a report from the Sacramento Bee’s Tony Bizjak.
NBA Commissioner David Stern said Wednesday, after the NBA voted against the relocation of the team to Seattle, that he hoped to have a deal done by the end of the week.
George Maloof and Ranadive both confirmed Wednesday that their lawyers had been talking and Mayor Kevin Johnson said a deal was close Thursday morning, when he returned to Sacramento.
The deal would be officially announced Friday, a source told Bizjak.
A representative of the Maloof family told FOX40 Thursday night was hesitant to confirm anything, saying they would announce something if a deal was completed.