George Karl has reached agreement on a four-year contract worth nearly $15 million to become coach of the Sacramento Kings, a league source told Yahoo Sports.
Sacramento plans to make a formal announcement soon.
The $14.5 million deal will include a $1.5 million buyout provision on the $5 million owed Karl in the final year of the contract, a source told Yahoo Sports.
Karl will earn $1.25 million for the rest of the 2014-15 season, which will begin with his Kings debut after the All-Star break on Feb. 20 against Boston. Karl is set to earn $3.25 million in 2015-16 and $5 million per season in the final two years of the deal, a source said.
Karl, 63, has won 1,131 regular-season games as an NBA coach, including stops with Cleveland, Golden State, Seattle, Milwaukee and Denver. His immediate challenge will be to stop the freefalling Kings, who have lost 14 of 16 games to drop to 18-34.
After owner Vivek Ranadive insisted on the firing of former coach Michael Malone, the Kings struggled under interim coach Tyrone Corbin and turned toward Karl in the past week. Corbin plans to leave the organization and will not be a part of Karl's staff for the rest of the season, a source said.
Karl's directive will be to reach immensely talented but combustible 7-foot center DeMarcus Cousins. Cousins made the Western Conference All-Star reserves, averaging 23.8 points and 12.4 rebounds a game this season.
Kings general manager Pete D'Alessandro informed Corbin last Friday that the organization planned to conduct an immediate search for a new coach.
More NBA coverage: