NBA: Kings sold to group that will keep them in Sacramento

The Sacramento Kings will stay the Sacramento Kings for the foreseeable future, after the current owners, the Maloof family, reached an agreement with a group of investors determined to keep the franchise where it currently is, according to reports.

Both sides have agreed to transfer ownership of the Kings from the Maloofs to the Ranadive group for $535 million, league source confirms.

— Ken Berger (@KBergCBS) May 17, 2013

Ken Berger of CBS Sports and the Sacramento Bee's Tony Bizjak both say that a deal has been reached, with the Kings being sold for an NBA-record $535 million.

[Related: Kings stay as NBA Board of Governors votes against Seattle move]

The news comes on the heels of an NBA Board of Governors vote that rejected a proposed move to Seattle, with Microsoft CEO Steve Ballmer as the big name in the group of investors.

Had that move pushed through, the team would have adopted the history, name and colors of the Seattle Supersonics, which had become the Oklahoma City Thunder when that team moved.

A formal agreement is expected on Friday (late Friday, PHL time).

The new ownership group is lead by Vivek Ranadive, the founder of TIBCO Software, which was deadset on keeping the team in the California capital.  - AMD, GMA News