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Maloofs agree on deal to sell Kings

Updated: January 21, 2013, 7:15 PM ET
By Marc Stein | ESPN.com

The Maloof family that owns the Sacramento Kings has reached an agreement to sell the controlling interest in the franchise to a Seattle group intent on moving it in time for next season.

Sources told ESPN.com that NBA teams were formally notified Sunday night that the Kings have been valued at $525 million and that the Maloofs 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 ...

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