The Maloof family later released a statement through the team thanking the people of Sacramento, Sacramento Mayor Kevin Johnson, and the National Basketball Association.
The sale price is 65 percent of more than $534 million, which includes the purchase of Sleep Train Arena.
The new owners have pledged $190 million toward the construction of a new $448 million sports and entertainment complex at the Downtown Plaza. The group has bought the Plaza and neighboring properties, but has not finalized a sale yet with Macy’s for its building.
The Kings already have a new coach, Mike Malone. The story broke on Twitter overnight and was confirmed by a source close to the ownership group. Malone had been the lead assistant to Golden State Warriors coach Mark Jackson.
The team officially announced this afternoon that Keith Smart would not be retained as the team's head coach.