SACRAMENTO -- The city of Sacramento, the NBA and the Kings have announced a tentative deal to finance a new arena that would keep the team in California's capital. It also means the hopes of Seattle basketball fans to have the NBA return are dashed for now.
Sacramento Mayor Kevin Johnson, NBA Commissioner David Stern and the Maloof family, which owns the Kings, announced Monday in Orlando, Fla., -- where they had been negotiating all weekend during All-Star festivities -- that an agreement had been reached. The City Council is expected to vote on the plan March 6.
The full financing plan will be made public by Thursday.
The Kings almost moved to Anaheim, Calif., last year before Johnson and city leaders convinced the league to give Sacramento one last chance to help finance an arena.
Christopher Hansen, a hedge-fund manager based in San Francisco and a Seattle native, has been making proposals to bring an NBA team to Seattle -- with eyes on the Kings if Sacramento's latest plan collapses.
The City of Seattle is in negotiations with Hansen to build a new arena south of Safeco Field that could house NBA and NHL teams.
It was believed the two most likely teams to move to Seattle would be the Kings and the NHL-owned Phoenix Coyotes. KING 5 Sports reported last week the Coyotes would be sold and stay in Arizona.
Neither the NBA nor NHL has expressed any interest in expanding the leagues to add new teams for Seattle.