The source says the agreement is "preliminary" and that a
formal announcement will not be made until "all of the i's are
dotted and t's are crossed."
Sacramento Mayor Kevin Johnson confirms there is a deal in
place, as he forecast yesterday, but is not releasing details.
He is holding a press conference at 10 a.m. at Sacramento
City Hall.
The deal values the Kings franchise at $535 million according
to the Associated Press.
The Maloof family and Robert Hernreich shares total 65 percent
of the team. Their shares would then be worth $347.75
million.
The National Basketball Association is not commenting yet,
saying the deal is private transaction and the league does not have
the details.
The deal comes within the 48-hour time period alluded to by
NBA Commissioner David Stern after league owners voted down a
request by the Maloofs to move the team to Seattle.