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Fans of the Sacramento Kings hold up signs against the Los Angeles Lakers on April 13, 2011 at Power Balence Pavilion in Sacramento, California.
The only thing stopping the Sacramento Kings from a sale and move to Seattle is approval by NBA owners.
The league confirmed in a statement Monday morning that the Maloof family has agreed to sell the Kings to a Seattle group led by investor Chris Hansen. The deal is still pending a vote by the NBA Board of Governors.
The Maloofs sold their controlling interest in the Sacramento Kings for $340 million.
The plan by Hansen's group is to have the team play at least the next two seasons in KeyArena before moving into a new facility in downtown Seattle. The deadline for teams to apply for a move for next season is March 1.
Sacramento Mayor Kevin Johnson said last week he had received permission from NBA Commissioner David Stern to present a counteroffer to league owners from buyers who would keep the Kings in Sacramento.
There had been a flirtation with moving the Kings to Anaheim earlier this year.
Anaheim Mayor Tom Tait had said the city would be interested in becoming the home of the Kings.
Anaheim is “NBA-ready, with great fans and a first-class facility," said Tait in a statement in April.