The Sacramento Kings and the National Basketball Association announced on Monday that the sale of the team to a Seattle investment group has been finalized.
It is now under league review for approval, which could take place in a few weeks.
The Maloof family, which owns the Kings, confirmed the sale in a statement released on Monday.
"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 statement said. "The transaction requires approval by the NBA's Board of Governors and therefore no comments or details regarding the agreement will be released."
The NBA announced it received sale documents. Under the terms of the deal, the team will move to Seattle. Hansen announced the purchase shortly after the Maloofs went public.
The Maloofs did not reveal the sale price of the team, but Sacramento Mayor Kevin Johnson has said he believes the team is valued at up to $525 million. Hansen's group is reportedly paying about $340 million, which is the 65 percent controlled by the Maloofs.
Johnson is expected to counter with an offer in April to keep the Kings in Sacramento by a local group.
---Cleveland Cavaliers center Anderson Varejao is out for the season after recently developing a blood clot, the team announced.
Varejao was admitted to the Cleveland Clinic on Thursday with a small right lower lung pulmonary embolism. He is expected to fully recover, but he is being treated with blood thinners. Varejao averaged 14.1 points and 14.4 rebounds a game before having knee surgery a couple weeks ago. He was expected to be out six to eight weeks.
The Cavaliers also announced they assigned forward Kevin Jones to the Canton Charge of the NBA Development League.
---The Atlanta Hawks signed veteran guard Jannero Pargo to a 10-day contract. Pargo most recently played for the Washington Wizards, averaging 3.0 points and 2.0 assists in 14.6 minutes in seven games. He averaged 5.6 points, 1.9 assists and 1.5 rebounds in 13.4 minutes in 50 games for the Hawks last season.
---The Golden State Warriors recalled forward/center Jeremy Tyler from the Santa Cruz Warriors of the NBA Development League, the team announced Monday.
Tyler, 21, has averaged 1.1 points and 3.1 minutes in 16 games with the Warriors this season.