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Sacramento mayor Kevin Johnson held a press conference Friday to announce the deal to keep the Kings in the city has been completed.
The Maloof family has reportedly reached an agreement to sell the Kings one day after it was announced the franchise will stay in Sacramento.
The NBA's Board of Governors voted Wednesday to keep the Kings in Sacramento and rejected Chris Hansen's planned relocation of the franchise to Seattle.
The Maloof family is reportedly threatening not to sell the Kings to the group that wants to keep the team in Sacramento.
The NBA's relocation committee unanimously rejected the looming sale and relocation of the Sacramento Kings on Monday.