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AP Source: Maloofs reach agreement to sell Kings

Updated: May 17, 2013, 12:50 AM ET
Associated Press

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 because they weren't authorized to talk publicly, said there are about 30 investors in the group. An official announcement is expected Friday.

The ...

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