The Sacramento Kings Are Reportedly On The Verge Of Selling For $500 Million And Moving To Seattle

Adrian Wojnarowski of Yahoo! is reporting that the Maloof family is finalizing a deal to sell the Sacramento Kings to a group that will relocate them to Seattle starting next season.

The new ownership group includes Microsoft CEO Steve Ballmer and hedge-fund manager Chris Hansen, Yahoo! reports. It's unclear if Erik and Peter Nordstrom — who were believed to be part of a group with Hansen and Ballmer that has been trying to build a new NBA arena in Seattle since last summer, according to the Seattle Times — are also involved.

They plan to call the team the Sonics and use the old logo, according to Yahoo!.

Wojnarowski described the deal nearly complete, calling it, "1st and goal at the 1." Here's everything he has reported so far:

The Maloofs have been trying to either sell the team or get a deal to build a new arena in Sacramento for more than a year. Forbes valued the franchise at $300 million last year.

Seattle last had an NBA team in 2008, when the SuperSonics were sold and moved to Oklahoma City to become the Thunder.