The Seattle investor group made up of Steve Ballmer and Chris Hansen has submitted "an application to have the team moved from Sacramento to Seattle," according to National Basketball Association Commissioner David Stern.
This is not an unexpected development.
The group announced an agreement with the Kings majority owners last month to buy the team.
Stern spoke in Minnesota before a game there Wednesday night. He called the investment group "very strong."
Sacramento Mayor Kevin Johnson says the City will publicly name a competing group that would buy the team and keep it in Sacramento.
The Kings' majority owners, made up of the Maloof family and Robert Hernreich tried to move the team to Anaheim in 2011.
The Sacramento Bee reported Wednesday that the ownership group then talked with a Las Vegas-area developer to possibly move the team there last May.