Under new ownership. The Maloofs have reached an agreement to sell the Kings to Sacramento's investment group.
The family has reportedly struck a deal with the group lead by Vivek Ranadive to sell the Kings at a valuation of 535 million dollars... about ten million more than orginally offered...or 347 million for the 65 percent controlling interest.
Once all the paperwork is done, the NBA would then offer official approval. We also have a couple new investors: Raj Bhathal, who owns a major swimwear company and Silicon Valley businesswoman Katrina Garnett.
A 10am press conference has been scheduled for this morning at City Hall.
We will be there and you can hear the announcement of the deal live on KFBK.