Chris Hansen, Maloofs Announce Sale of Sacramento Kings

The Maloof family and Chris Hansen's Seattle investment group announced a pending sale Monday morning that would bring the Sacramento Kings to Seattle, ending weeks of speculation about the team's fate. 

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The Seattle Times reported that the team was purchased for around $340 million.

NBA officials must still approve the deal, but both parties released statements Monday confirming the pending sale.

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 to thank Chris Hansen for his professionalism during our negotiation. Chris will be a great steward for the franchise, Kings co-owner Gavin Maloof said in a statement on behalf of the family that was provided to the Associated Press. 

Here is Hansen's statement, as provided to CBS Sports:

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.

Whether the team would be called the Kings or the Sonics or something else is still up in the air, but the city of Seattle has retained the rights to the "SuperSonics" name and logo, making the return of the Seattle Sonics a definite possiblity.

If the deal is approved by the NBA, the team could play at the KeyArena in Seattle next season, reports The Seattle Times.