Originally posted on RealGM  |  Last updated 5/17/13
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.
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