Person familiar with deal says Maloofs reach agreement to sell Kings to Sacramento group

Sacramento, Calif., Mayor Kevin Johnson, right front, a former NBA basketball player, walks out of an NBA Board of Governors meeting during a break Wednesday, May 15, 2013, in Dallas. The meeting is an effort to resolve the five-month-long struggle over the future of the Sacramento Kings. The board's tasks: Decide whether the team should move to Seattle or stay in Sacramento, and then figure out who should own the franchise. (AP Photo/Tony Gutierrez) (The Associated Press)

Sacramento Kings fan Chris Haskins celebrates with other Kings fans over the news 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. (AP Photo/Rich Pedroncelli) (The Associated Press)

A person familiar with the deal says the Maloof family has reached an agreement with a Sacramento group headed by software tycoon Vivek Ranadive to sell a 65 percent controlling interest in the Kings at a total franchise valuation of $535 million.

The person, speaking on condition of anonymity to The Associated Press late Thursday night because they weren't authorized to talk publicly, said there are about 30 investors in the group. An official announcement is expected Friday.

The NBA is expected to officially approve the agreement next week. The person said the agreement has to be closed by May 31.

On Wednesday, the NBA Board of Governors rejected a bid from a Seattle group that wanted to buy and move the franchise to the Pacific Northwest.