The Maloof family, the owners of the NBA’s Sacramento Kings, has reached an agreement to sell the controlling interest in the franchise to a Seattle group, according to Marc Stein of ESPN.

The prospective ownership group is looking to move the team immediately to Seattle.

According to, NBA teams were formally notified Sunday night that the Kings have been valued at $525 million. The Maloof family and a group led by hedge fund manager Chris Hansen have executed a purchase and sale agreement, which the NBA confirmed through a statement Monday morning.

The deadline for relocation is March 1. The group looks to file in time to meet this requirement, according to reports.

The agreement to transfer the 65 percent majority stake in the Kings to the Seattle group led by Hansen and Microsoft CEO Steve Ballmer represents the 53 percent owned by the Maloofs and an additional 12 percent from minority owner Bob Hernreich.