The Maloofs, majority owners of the Kings, released a statement regarding the sale:
The Maloof family announced today that an executed purchase and sale agreement has been reached to sell the family's interest in the National Basketball Association (NBA) Sacramento Kings to a group led by investor Chris Hansen. The transaction requires approval by the NBA's Board of Governors and therefore no comments or details regarding the agreement will be released.
"We have always appreciated and treasured our ownership of the Kings and have had a great admiration for the fans and our team members. We would also like thank Chris Hansen for his professionalism during our negotiation. Chris will be a great steward for the franchise."
According to ESPN's Marc Stein, the Maloofs struck a deal with the Seattle-based Chris Hansen-Steve Ballmer group to sell their 65 percent share in the Kings for $525 million:
The deal, according to sources familiar with the specifics, calls for the Maloofs to receive a non-refundable $30 million deposit from the Seattle group by Feb. 1. The NBA, furthermore, is expecting Hansen to apply for relocation to Seattle in time for the 2013-14 season by the league's March 1 deadline.
ESPN's J.A. Adande added that deal had been signed and sent to the NBA and that the Maloofs will keep a "small part" of the Kings.
If the Kings were to move, they would be renamed the Seattle SuperSonic after the original team moved to Oklahoma City in 2008.
The fight isn't over for Sacramento because Mayor Kevin Johnson says that NBA Commissioner David Stern has given him permission to present a counteroffer to the NBA's Board of Governors.
Supermarket mogul Ron Burkle, who put together an ownership group to purchase the team in 2011, has been in contact with Johnson.
Bay Area investor Mark Mastrov, who was the runner-up in the sale of the Golden State Warriors' sale, has also said that he would like to purchase the team.
Sacramento has faced the possibility of losing the Kings to Anaheim in 2011. With the March 1 relocation deadline looming, it looks like the city will fight to the finish with Seattle in a last ditch effort once again to keep their team.