CSN Bay Area is reporting that a source familiar with the negotiations between the Sacramento Kings and an ownership group led by Seattle investor Chris Hansen said Friday that a deal between the sides has been struck.

According to the CSN Bay Area report by Matt Steinmetz, “the source said that Hansen will buy the team from the Maloofs, the Kings’ owners, for approximately $525 million, which would be the highest amount ever paid for an NBA team.”

For more on this story, see the CSN Bay Area report.