Sources: Maloofs To Sell 65% Of Kings To Hansen-Ballmer Group

Sources said that the Maloof family has reached an agreement to sell a 65% controlling interest in the NBA Kings to the Seattle-based group led by Chris Hansen and Steve Ballmer. NBA teams were "formally notified Sunday night" that the team has been valued at $525M and the "parties have executed a purchase agreement," according to sources. One source said that the Maloofs "will retain a 'small piece' of minority interest in the franchise after its expected relocation to Seattle and renaming as the SuperSonics for next season." It is believed that the family "will hold no decision-making power" (ESPN.com, 1/20).

Ballmer "could announce a deal as early as today." The $525M price would be a record for an NBA team (SACRAMENTO BEE, 1/21).