To keep the NBA's Kings from leaving for Seattle, the city of Sacramento will pony up $255 million as part of deal to build a new basketball arena.
Sacramento and NBA officials announced last week that they had agreed to a framework agreement. Details are expected to be officially unveiled on Thursday, but the Sacramento Bee and other local media are already reporting on specifics.
Like the Seattle proposal, Sacramento's deal will require the Kings to agree to remain in the city for 30 years. The city will fund its contribution by handing over parking garages and street meters to a private company.
The Maloof family, owners of the Kings, will put in $73 million, with another $59 million to come from the company that will operate the new arena, according to CBS Sacramento.
The new Sacramento arena is scheduled to be completed by the 2015 season. A final deal still needs sign off from Sacramento's city council.