The Maloof family, which owns the Sacramento Kings, has reached an agreement to sell a 65 percent controlling interest in the Kings to a Seattle group led by Chris Hansen for $525 million, ESPN.com reported Sunday.
NBA teams were formally notified on Sunday night that the deal had been struck, according to the report, but the deal still requires league approval.
Hansen is expected to submit a relocation application to the league by the March 1 deadline with the intention of moving the team to Seattle in time for the 2013-14 season.
The Sacramento Bee reported that an official announcement of the sale could come Monday, and the paper also reported that Microsoft billionaire Steve Ballmer is the other primary player in the Seattle group purchase along with Hansen.
The 65-percent majority stake represents the shares owned by the Maloofs and one minority owner.
No agreement has been submitted on the remaining 35 percent of the franchise owned by other minority owners.
Terms of the deal call for the Maloofs to receive a non-refundable $30 million deposit from the Seattle group by Feb. 1, according to ESPN.com.
Last week, Sacramento mayor Kevin Johnson said he had received approval from NBA commissioner David Stern to present a counteroffer to the league from buyers who would keep the team in Sacramento.