The Kings have the "framework of an agreement going forward" to stay in Sacramento, mayor Kevin Johnson announced Monday.
"Today is a new day for Sacramento and a defining moment for our community," Johnson said, flanked by NBA commissioner David Stern and members of the Maloof family, which owns the team.
"We came to Orlando needing to convert both ends of a one-and-one free throw. Over the weekend, the city hit the front end of the free throw by making clear it had delivered on its promises and, today, the Maloof family hit the second free throw by stepping up and increasing their contribution."
The estimated 387 million arena, which would open for the 2015-16 season in the downtown Sacramento rail yards, is now within reach.
Said team owner Joe Maloof: "It's a great day for Sacramento...Our family is just so excited."
The deal was first reported by Rob McAllister of KFBK 1530 in Sacramento and confirmed by Sam Amick of Sports Illustrated.
The city of Sacramento was facing a Thursday deadline from the NBA to strike a deal with the Maloofs for funding to build a 400-million arena in order to meet the NBA's relocation deadline.
The city of Sacramento needs to have a deal with the Maloofs, who own the Kings, to fund the construction of a 400-million arena by Thursday in order to meet the NBA's relocation deadline.
The Kings almost moved to Anaheim last year before Johnson and city leaders convinced the league to give Sacramento one last chance to help finance an arena. Seattle also had been making a renewed push for an NBA team.
The Associated Press contributed to this report.
DeMarcus Cousins leads the NBA in technical fouls. He also leads the league in scowls and he’s even kicked over a few garbage cans following the Kings' loss to the Chicago Bulls on Saturday night. But that’s just a small portion of who he is.
According to a source that travels with the team, Cousins went out of his way Sunday morning to make an impact in the lives of a couple of local youth in Chicago.
Kids were selling chocolate bars outside the team’s hotel trying to earn money for charity. Plenty of people walked by, avoiding the youth, but Cousins stopped, reached into his pocket and purchased all of the boxes they had to sell.
Later on in the day, Cousins donated the candy to the flight service staff for use on the flight to Detroit.
Cousins gets plenty of negative press for his antics on the floor, but off the court, he is extremely generous. He plays Santa-Cuz during the holidays, buying gifts for underprivileged children in Sacramento and his hometown of Mobile, Alabama. He has also purchased a new scoreboard for a local high school and even paid for the funeral of a local high school football player who lost his life in a drive-by shooting.
No one is perfect, Cousins included, but he also has a genuinely good side that he often doesn’t seek or receive press for.
A day later, the NBA confirmed what most people in the United Center felt.
Kings center DeMarcus Cousins didn't foul Bulls guard Dwyane Wade on a dunk attempt with 12.8 seconds remaining in Saturday night's game, the league announced in its Last Two Minute report on Sunday.
The NBA deemed it an "incorrect call" and issued the following comment:
"Cousins (SAC) has his hand on Wade's (CHI) back while he is airborne, but he does not extend his arm and push him and the contact does not affect the shot attempt."
Shortly after the NBA put out their report, Cousins offered his take on their ruling:
"Yeah thanks the team feels so much better now that it's cleared up!" Cousins wrote on Twitter Sunday afternoon.
During the game on Saturday, Cousins couldn't believe he had been called for a foul. After the game, which the Kings lost 102-99, the team kept the doors to the locker room closed for a lengthy period of time. When the media was finally allowed in, Cousins had calmed down.
"They made the absolute right call. Incredible job by the referee crew tonight. I don't have a complaint in the world. They should get more recognition on how well they ref these games. They don't get the credit they deserve, so kudos to them. I applaud them," Cousins said after the game.