The deal was struck with new sales company Oscilloscope Pictures who are handling the US and international rights.
Oscilloscope is releasing the film in the US on June 27 and Diffusion will release in the UK in October 2008.
The deal was struck between David Fenkel of Oscilloscope and Nick Crossley of Diffusion.
Crossley said: 'This is a really exciting project, with unique footage of the game's next superstars stylishly filmed and the best soundtrack I've heard in years.'
The film is about a public basketball court in Harlem, New York, where high school basketball players compete in the first Elite 24 all-star game.
Yauch is of course better known as one of the Beastie Boys and Gunnin' For That #1 Spot has a 'raw hip hop' soundtrack.
Yauch set up Oscilloscope earlier this year with ex-THINKFilm executive David Fenkel. Gunnin' is their first project.
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