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Courtesy: Kelley L Cox/US Presswire

Stay tuned to Golden Gate Sports for more info on this breaking news story.

Update 3:38 PM

A source has told USA Today that “The Seattle group led by hedge fund manager Chris Hansen and Microsoft chairman Steve Ballmer has made significant progress in negotiations to buy the Sacramento Kings and is confident a deal will eventually get done.”

See below for more details.

Update 10:41 AM

The rumor below is true, according to Yahoo Sports.

The Maloof brothers are finalizing an agreement to sell the Sacramento Kings to an investment group led by Chris Hansen, who is financing an NBA/NHL arena to be built in Seattle.

The deal is worth around $500 million, and the group will seek relocation to Seattle for the 2013-2014 season.

The group plans to play two seasons at Key Arena, before moving to the new stadium, the report states.

The Maloofs will keep a small percentage of stake in the team, but will not have any real impact on decisions.

Original Post

A day after Virginia Beach suspended its pursuit of building an arena for the Sacramento Kings, it appears that another rumor has sprouted about the Kings being sold and moving to Seattle.

It all started with a tweet from Diana Falk, the daughter of an NBA agent, who posted, “So I hear that the Seattle Kings is officially a done deal! The Maloofs finally sold the ailing Sacramento team. #NBA.”

The rumored buyer is Chris Hansen, who is the investor behind the new arena in Seattle for a potential NBA or NHL team.

The Kings are vehemently denying the rumor, with an official saying, “that rumor is inaccurate.”

Team spokesman Eric Rose stated, “If we had something to announce, we’d announce it,” he said.

Falk has since deleted her tweet, which did not cite any source.