Sacramento Major Kevin Johnson just announced that a deal with the National Basketball Association and the Sacramento Kings had been reached on a term sheet for a new Sports and Entertainment Complex in Sacramento that will keep the Kings in the state capitol.
Johnson and his staff spent the last two days in Orlando negotiating with the NBA and the Maloof brothers, the owners of the Kings, hoping to reach and agreement and complete a term sheet before the imposed March 1st deadline.
From SI.com's Sam Amick via Twitter:
Kevin Johnson says "framework of an agreement going forward" to keep team in Sacramento. "I want to jump up and down."— Sam Amick (@sam_amick) February 27, 2012
While an agreement on a term sheet is a huge step for Sacramento's efforts to keep the team, it isn't the final step. The Sacramento City Council will vote on March 6th on Johnson's plan to privatize city parking to help pay for the cities contribution to the new arena.
There had been concerns over the past few days that the Maloof brothers were not entirely on board with keeping the team in Sacramento. While both Joe and Gavin Maloof seemed ready to commit to Sacramento, George Maloof seemed the biggest obstacle in reaching an agreement, according to Amick.
"We got something worked out, tentative," George Maloff told the Sacramento Bee. "We're all very excited about it. We were skeptical about whether or not something could happen... We've always said we wanted to stay in Sacramento, and now's our opportunity."
Over the past few weeks, rumors began flying about the city of Seattle's renewed interest in obtaining an NBA franchise. But unless the City Council votes down the privatized parking plan, it seems very unlikely that the Kings will be moving anytime soon.
The Maloof brothers attempted to relocate the franchise to Anaheim last season, but Johnson convinced the NBA that an arena deal in Sacramento was possible and the team stayed for another season to give Johnson the chance to come through on a deal.