Software billionaire Vivek Ranadive came to an agreement to purchase 65 percent of the Sacramento Kings from the Maloof family for approximately $348 million. The Kings' total valuation in the sale is $535 million, an NBA record.
Ownership representatives met for nearly four hours Wednesday and ultimately voted to reject the Kings' proposed move to Seattle, backing last month's unanimous recommendation from a relocation committee to keep the team in Sacramento.
After a committee of owners voted to recommend the Kings stay in California, the investors trying to bring the team to Seattle fired a last salvo. Chris Hansen announced he was increasing his offer for 65 percent of the Kings to $406 million.