Story will be updated with more reports from Dallas and Sacramento. Be sure to refresh your browser for the latest news.
Update: 4:59 p.m.
From David Stern statement:
"We will talk to the Maloofs and seek in the next 24 to 48 hours whether we can help facilitate an agreement to be signed between the Ranadive Group and the Maloofs for the sale of the franchise in Sacramento.
"Let me say that the Seattle presentation was brisk, firm, excellent and reflects the efforts that have been put into this and, I think, the extraordinary ownership group that they have put together. At the conclusion, though, the committee voted and recommended to the board and it was adopted, that if the Sacramento community could produce a site, a construction team, a strong, financially strong ownership group, and the kind of support by the city and the region that the Mayor Johnson has galvanized, then the appropriate outcome was to keep the team in Sacramento, and that's what they did.
"We look forward to continuing the dialogue of some type with the citizens and potential owners in Seattle, but we don't have anything concrete to support with respect to an NBA franchise in Seattle at this time."
Update: 4:25 p.m.
Stern says hopes the Kings' current owners, the Maloof family, will take the next 24-to-48 hours to negotiate a potential sale to an investor group that would keep the team in Sacramento and build an arena at the Downtown Plaza mall.
Update: 3:59 pm.
Stern said the decision was a "victory for Sacramento," and had praise for mayor Kevin Johnson. "(Johnson) has done great job. Vivek Ranadive has done great job, and the city council did a wonderful thing in expressing support of region."
The commissioner added that he would quickly convene the league's finance committee if there is a signed document for a sale of the team to the Sacramento group.
"It is my expectation that we'll be able to make a deal w/ the Maloofs and the Ranadive group to transfer title of the team in Sacramento," Stern said.
Stern said the Maloofs have the right to retain ownership of the team, because the only action taken was the "no" vote on relocation.