The Maloof family has agreed to sell its majority shares of the Sacramento Kings. The agreement also means the new owners and the City of Sacramento will continue with their plans to build a downtown arena.

Mayor Kevin Johnson announced Friday morning that a deal to sell the Kings has been reached between the Maloof family and a group of local investors. We pulled together social media coverage and reaction. Refresh your browser for the latest updates.

After meeting for hours, NBA owners gave a resounding “no” to the bid to move the Sacramento Kings to Seattle. But it’s still unclear if the team will be sold to the local investor group that’s promised to build a new downtown basketball arena.

A source tells Capital Public Radio a "preliminary" agreement has been reached with the Maloof family to sell controlling interest in the Sacramento Kings to a group headed by Vivek Ranadive.

But, the papers have not been signed. Fourteen months ago, the mayor said much the same thing.

The Sacramento Kings aren’t moving anywhere. N-B-A owners overwhelmingly rejected an effort by the team’s current owners and a Seattle investor group to relocate the team to the Pacific Northwest. But this story isn’t over yet.

The decision by the NBA Board of Governors to keep the Sacramento Kings from relocating means work on a downtown arena project in Sacramento will continue. But the project can’t move at full speed until the team is sold to a Sacramento group.

Kings fans gather in downtown Sacramento to celebrate the NBA's announcement the Kings will not be allowed to relocate to Seattle. Fans are hopeful the Kings owners will actually sell to a Sacramento group of investors.

Sacramento Mayor Kevin Johnson met with the press, along with Vivek Ranadive and Mark Friedman, both of the group hoping to purchase the Sacramento Kings, following the NBA Board of Governors decision to deny a relocating the team to Seattle.

National Basketball Association Commissioner David Stern and Deputy Commissioner Adam Silver addressed the press and answered questions following the vote to deny relocation of the Kings. Click for full transcript, provided by the NBA.

The Sacramento Kings are staying home. NBA Commissioner David Stern said today the league Board of Governors voted 22-8 to deny the relocation of the Sacramento Kings franchise to Seattle. Updated 4:59 p.m.

The NBA Board of Governors met in a Dallas hotel to vote on the potential relocation of the Sacramento Kings to Seattle. Twitter was abuzz with news updates and fan reaction. This feature will be updated as the story unfolds. (Refresh browser often.)

This could finally be the day basketball fans in Sacramento and Seattle learn whether they’ll have a team in town next year. NBA owners have begun meeting in Dallas and they’re expected to vote on whether to allow the Kings to move.