Sacramento Mayor: Deal to Sell Kings Has Been Signed
Kings to remain in Sacramento after NBA owners reject bid to move franchise to Seattle.
Sacramento Kings fan Chris Haskins, left, and Troy Bedal, right, rejoice over the announcement that the NBA has rejected the proposed move of the team to Seattle during a celebration in Sacramento, Calif., Wednesday, May 15, 2013. A group led by investor Chris Hansen had a deal to buy the team from the Maloof family and move the Kings but NBA owners followed the recommendation made last month by the NBA's relocation committee and voted 22-8 against moving the team to Seattle.
Updated at 11:21 AM PST on Friday, May 17, 2013
Sacramento Mayor Kevin Johnson said Friday that the deal to sell the Kings to a group led by software tycoon Vivek Ranadive has been signed.
Johnson helped assemble the new ownership group in a bid to keep the Kings in California's capital city, a feat that was accomplished earlier in the week when NBA owners rejected a bid to move the franchise to Seattle.
The NBA is expected to officially approve the sale next week.
Copyright Associated Press