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Sacramento Mayor Says Kings Sale Agreement Reached, Bee Reports

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May 17 (Bloomberg) -- Sacramento Mayor Kevin Johnson said an investment group led by Vivek Ranadive has signed a contract and wired money to purchase the National Basketball Association’s Sacramento Kings, the Sacramento Bee reported.

Johnson, speaking this morning, said the deal still has to close, but that he didn’t see any difficulties ahead, according to the Bee.

The agreement values the Kings franchise at $535 million. Ranadive, a part-owner of the Golden State Warriors, will have to sell his stake in the team.

Johnson has scheduled a 10 a.m. Sacramento time press conference to discuss the agreement that will keep the franchise in the city. NBA owners this week rejected the team’s proposed move to Seattle and $625 million sale to Valiant Capital founder Chris Hansen.

To contact the reporter on this story: Curtis Eichelberger in Wilmington at ceichelberge@bloomberg.net

To contact the editor responsible for this story: Michael Sillup in New York at msillup@bloomberg.net