Fans rallied for the Kings at their last home game of the 2010/2011 season April 13.

Details are still being kept quiet, but the Kings are officially planning to leave Sacramento.

Announced early Monday morning via press release, the Maloof family said "that an executed purchase and sale agreement has been reached to sell the family’s interest in the National Basketball Association (NBS) Sacramento Kings to a group led by investor Chris Hansen."

No comments or details regarding the agreement is being released, as the transaction requires approval by the NBA’s board of governors, the release states.

Mayor Kevin Johnson was quick to react to the news, by tweeting that the deal isn’t quite done. "Let me be clear. Though agreement btw Maloors & Seattle is out, deal is NOT done. Sac can still present an offer 2 NBA BOG. #playingtowin," he tweeted.

The Maloof family expressed gratitude toward Sacramento and its fans. "We have always appreciated and treasured our ownership of the Kings and have a great admiration for the fans and our team members," Kings co-owner Gavin Maloof stated in the release. "We would also like to thank Chris Hansen for his professionalism during our negotiation. Chris will be a great steward for the franchise."

Hansen returned the compliment on the Sonics Arena website, and essentially echoed the same sentiments. "We are happy to announce that we have entered into a binding agreement with the Maloofs to purchase a controlling interest in the Sacramento NBA franchise," he wrote.

"While we are not at liberty to discuss the terms of the transaction or our plans for the franchise given the confidential nature of the agreement and NBA regulations regarding public comments during a pending transaction, we would just like to extend our sincerest compliments and gratitude toward the Maloof family. Our negotiations with the family were handled with the utmost honor and professionalism and we hope to continue their legacy and be great stewards of this NBA franchise in the coming years and decades." 

The team’s relocation to Seattle has to be approved by the NBA relocation committee, which Yahoo! Sports writer Adrian Wojnarowski reports is just a "formality." 

 Hansen’s group would pay about $340 million in the deal, or 65 percent of the $525 million total franchise valuation, according to an article in SBNation.

– KAREN WILKINSON 

See the official statements below.

Statement from Chris Hansen:

"We are happy to announce that we have entered into a binding agreement with the Maloofs to purchase a controlling interest in the Sacramento Kings NBA franchise. The sale is obviously subject to approval by the NBA Board of Governors, and we look forward to working with the League in the coming months to consummate the transaction.

While we are not at liberty to discuss the terms of the transaction or our plans for the franchise given the confidential nature of the agreement and NBA regulations regarding public comments during a pending transaction, we would just like to extend our sincerest compliments and gratitude toward the Maloof family. Our negotiations with the family were handled with the utmost honor and professionalism and we hope to continue their legacy and be great stewards of this NBA franchise in the coming years and decades."

Press release from the Maloof family: 

"The Maloof family announced today that an executed purchase and sale agreement has been reached to sell the family’s interest in the National Basketball Association (NBA) Sacramento Kings to a group led by investor Chris Hansen. The transaction requires approval by the NBA’s Board of Governors and therefore no comments or details regarding the agreement will be released.

“We have always appreciated and treasured our ownership of the Kings and have had a great admiration for the fans and our team members. We would also like thank Chris Hansen for his professionalism during our negotiation. Chris will be a great steward for the franchise,” said Gavin Maloof, Kings co-owner speaking on behalf of the Maloof family." 

Statement from Sacramento Mayor Kevin Johnson 

"Sacramento has proven that it is a strong NBA market with a fan base that year in and year out has demonstrated a commitment to the Kings by selling out 19 of 27 seasons in a Top 20 market and  owning two of the longest sellout streaks in NBA history. When it comes to keeping the team in our  community, Sacramento is playing to win. In particular, we have been focused like a laser on  identifying an ownership group that will both have the financial resources desired by the NBA and  the vision to make the Kings the NBA equivalent of what the Green Bay Packers have been in the NFL."

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