The Maloofs are finalizing an agreement to sell the Sacramento Kings to the Seattle group led by Chris Hansen and Steve Ballmer, according to Adrian Wojnarowski of Yahoo! Sports.
Reached by CSNBayArea.com, the NBA declined to comment.
Wojnarowski tweeted the following information between 10:39 and 10:57 a.m. Wednesday:
The Maloofs are finalizing an agreement to sell the Sacramento Kings to the Hansen-Ballmer led Seattle group, sources tell Yahoo! Sports.
The deal will sell the Kings for approximately $500 million, with the Seattle group seeking relocation to Key Arena for the 2013-'14 season.
The Seattle group's plans, with support of the NBA, is to play two seasons in Key Arena before moving into a new Seattle arena, sources say.
No agreement signed, but one source describes deal as "1st and goal at 1." Maloofs history of changing course late still makes many uneasy.
The Maloofs are expected to keep an extremely small percentage of team, but will have no real input or say in franchise, sources say.