Kings sale to be announced Friday

USA TODAY Sports

The Maloof family has agreed to sell their controlling interest in the Sacramento Kings to a group of local investors. The deal is expected to be finalized soon.

The Kings franchise will stay rooted in Sacramento as the Maloof family has agreed to sell their controlling stake in the team to a Sacramento-based group of investors led by Vivek Ranadivé, the Jacobs family, Raj Bhathal, Mark Mastrov and others. The official announcement of the deal is expected to come on Friday, and a press conference has been scheduled for 1 p.m. ET. If the NBA approves the deal in the near future, escrow could close by the end of May, according to a Sacramento Bee report.

Ranadivé called the deal "the start of a new era" for the Kings during an interview after the Warriors' Game 6 loss to the Spurs on Thursday night. He said the two sides "just need to sign some papers and finalize everything" at this point, and noted that the $347 million sale price for the Maloofs' share floated in reports is "about right," which fits with the NBA-record $535 million valuation for the franchise.

The Maloof family is reportedly eager to "turn the page" and sell to the local group of investors, and Ranadivé promised "[w]e'll make sure [the Maloofs] get the exit they deserve." Ranadivé is prepared to pay $200 million for his stake in the team, and he will serve as a managing partner for the franchise, according to the same Sacramento Bee report. San Diego investors Paul, Jeff and Hal Jacobs would serve as vice chairmen of the franchise on a rotating basis.

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