The Maloof family that owns the Sacramento Kings has reached a purchase agreement to sell a 65 percent controlling interest in the franchise to a Seattle group led by Chris Hansen and Steve Ballmer, according to league sources.

Sources told ESPN.com that NBA teams were formally notified Sunday night that the Kings have been valued at $525 million and that the parties have executed a purchase agreement, which still requires league approval.

The agreement to transfer the 65 percent majority stake in the Kings to the Seattle group represents the 53 percent owned by the Maloofs and an additional 12 percent from minority owner Bob Hernreich. Sources said that there has not yet been an agreement submitted on the remaining 35 percent of the franchise, which is held by minority shareholders, not the Maloofs.

via Marc Stein of ESPN