The Maloofs have agreed to sell the Sacramento Kings to a group led by Vivek Ranadive for $535 million, according to a source.
The Maloofs had hoped to sell the Kings to a group led by Chris Hansen and Steve Ballmer, but the NBA's Board of Governors voted against the sale by a 22-8 margin. The Hansen-Ballmer group intended to move the Kings to Seattle, which lost their NBA franchise to Oklahoma City in 2008.
Ranadive is currently a part owner of the Golden State Warriors.
The new ownership group is hoping to build a new arena in downtown Sacramento with public financing.