Sacramento Mayor: Deal to Sell Kings Has Been Signed

Kings to remain in Sacramento after NBA owners reject bid to move franchise to Seattle.

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    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.

    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.