The Maloof family has agreed on a deal to sell a 65 percent controlling interest of the Sacramento Kings to a Seattle-based group for $525 million, according to league sources.

NBA teams were notified of the deal on Sunday night.

The deal calls for the Maloofs to receive a non-refundable $30 million deposit from the Seattle group by Feb. 1, according to sources.

Yahoo! Sports has reported the plan is for the franchise to retain the SuperSonics team name and play the first two seasons at Key Arena.

The remaining 35 percent of the franchise is owned by minority investors, not the Maloofs.