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AP reports that the Maloof family has agreed to sell Kings

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The Associated Press
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Two people familiar with the decision says the Maloof family has agreed to sell the Sacramento Kings to a Seattle group led by investor Chris Hansen.

The people spoke on condition of anonymity to The Associated Press on Sunday night because the deal is still pending approval from the NBA Board of Governors.

One person said the Maloofs are selling all 65 percent of their share for $525 million to Hansen, who will move the team to Seattle and restore the SuperSonics name.

The Maloofs will still be allowed to look at other bids until the league approves the sale.

Sacramento Mayor Kevin Johnson said last week he had received permission from NBA Commissioner David Stern to present a counteroffer to league owners from buyers who would keep the Kings in Sacramento.

The deadline for teams to apply for a move for the next season is March 1.

The Associated Press (“AP”) is the essential global news network, delivering fast, unbiased news from every corner of the world to all media platforms and formats. On any given day, more than half the world’s population sees news from the AP. Founded in 1846, the AP today is one of the largest and most trusted sources of independent newsgathering. The AP considers itself to be the backbone of the world’s information system, serving thousands of daily newspaper, radio, television, and online customers with coverage in text, photos, graphics, audio and video.