The Sacramento Kings are set to move to Seattle at the conclusion of a sale that’s said to value the team at a National Basketball Association-record €394 million.

“We’ve entered a binding agreement with the Maloofs to purchase a controlling interest of the Sacramento Kings,” Chris Hansen, the leader of a group that includes Microsoft Corp said.

The league expects the new owners to file to relocate the team to Seattle for the 2013/’14 season. The NBA said it had received the sale agreement. The Kings have been owned by the Maloof family since 1999.

A preliminary deal reached in February with the city of Sacramento, California, to build a new arena and keep the franchise from relocating fell through. Seattle has been without an NBA team since 2008, when the SuperSonics moved to Oklahoma City and became the Thunder.