Two people familiar with the decision says the Maloof family has agreed to sell the Sacramento Kings to a Seattle group led by investor Chris Hansen.
The people spoke on condition of anonymity to The Associated Press on Sunday night because the deal is still pending approval from the NBA Board of Governors.
One person said the Maloofs are selling all 65 percent of their share for $525 million to Hansen, who will move the team to Seattle and restore the SuperSonics name.
The Maloofs will still be allowed to look at other bids until the league approves the sale.
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.
The deadline for teams to apply for a move for the next season is March 1.