The state Alcoholic Beverage Control Division says the owners of Tiffany's Restaurant in Toms River agreed to sell the license for serving three visibly intoxicated patrons.
In May 2010, a woman was killed when the car she was riding in struck a pole in Toms River. The driver had been drinking at the restaurant for 90 minutes.
Less than three months later, another woman who had been drinking at Tiffany's for three hours died when her car collided with a bus.
The license must be sold by July 2015. The owners also must pay a $200,000 fine.