According to Adrian Wojnarowski of Yahoo! Sports, the Sacramento Kings are finalizing an agreement to sell the franchise to an ownership group from Seattle.
The Seattle ownership group is led by Chris Hansen and Steve Ballmer.
According to Yahoo!, Hansen's group has an arena project that will be built near Safeco Field, the home of the Seattle Mariners (MLB). The new complex should be ready for the beginning of the 2015 NBA season.
The total cost of the new arena will be approximately $500 million and Yahoo! reports the sale price for the franchise itself will be for a similar amount. The NBA record for largest sale price was the $450 million paid for the Golden State Warriors in 2010.
The Seattle group hopes to relocate the team to Key Arena, the former home of the Seattle Supersonics, for the 2013-14 season.
Gavin and Joe Maloof, the brothers that currently own the franchise, will retain a very small ownership stake but have no significant input in the running of the organization.
A franchise back in Seattle would likely ignite a rivalry between the city's new team and the city's old team, the Oklahoma City Thunder.