Updated Feb 22, 2012 - 1:45 pm
Report: Kings to make large contribution to arena deal
NBA commissioner David Stern said Tuesday that the Maloof family, owners of the Sacramento Kings, has agreed to make a substantial contribution to the city's $387 million arena deal to keep the team in Sacramento.
While the terms of the contribution were not disclosed, the NBA and Sacramento Mayor Kevin Johnson have agreed to a 'work plan" in hopes of reaching a deal to finance a new arena by the March 1 deadline. Johnson, a former NBA player, said he plans to meet with commissioner Stern over the NBA's All-Star festivities in Orlando this weekend.
"There is a lot of discussion going on. We're hoping by the March 1 deadline there will be a financing plan that makes sense," commissioner Stern told David Aldridge of TNT Sports.
If an agreement is reached, a term sheet will be announced on March 1 and the Sacramento City Council will vote on the plan on March 6.
Seattle city leaders have expressed their desire to build a new sports arena in the SoDo neighborhood with hopes of obtaining both an NBA and NHL franchise.
The two most accessible franchises for relocation -- the NBA's Kings and NHL's Phoenix Coyotes -- have been rumored as possible targets for the city of Seattle, but both have made an effort to stay in their respective cities as of late.
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