The Maloofs have agreed on a deal to sell the Sacramento Kings to a Seattle group intent on moving the team, according to an article on

According to the article, 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 sale reportedly still requires formal league approval.

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