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.
The Sacramento Kings make the 90 mile commute to Oakland for a match up against the first place Golden State Warriors Friday evening. The Kings have lost three straight and are just 2-11 over their previous 13 games as they transition to a youth movement.
Buddy Hield tied his career-high with 21 points versus the Milwaukee Bucks last time out. He’ll face a different beast against the Warriors. Klay Thompson is one of the best two-way shooting guards in the league. He can light you up from long range and shut you down with physical play on the other side of the ball.
Matt Barnes joined the W’s after being waived by the Kings during the All-Star break. The 37-year-old forward has played nearly 20 minutes per night for Golden State, averaging 5.8 points, 5.0 rebounds and 2.5 assists in 11 games.
Warriors by 17.5
MATCHUP TO WATCH
Buddy Hield vs. Klay Thompson -- Hield is averaging 14.2 points and 3.4 rebounds in 27.6 minutes over 14 games with the Kings. The rookie shooting guard is shooting 50 percent from the field, 44.9 percent from 3-point range and posted double-figure scoring in all but two games since coming over via trade during the All-Star break. Thompson is one of the premiere player at his position, posting 22.3 points and 3.7 rebounds per game. The Kings have been on the receiving end of plenty of his scoring outbursts over the years.
WHERE THEY STAND
Kings: 27-44 third place in Pacific
Warriors: 57-14, first place in Pacific
Kings: SG Malachi Richardson (torn hamstring) status unknown at this time, F Rudy Gay (torn left Achilles) out for season. Darren Collison, Tyreke Evans and Anthony Tolliver are all out for planned rest.
Warriors: SF Kevin Durant (tibial bruise, knee) out.
The Warriors lead the season series at 2-1 with a 109-86 victory at Oracle Arena. Golden State holds a 199-186 lead over the Kings all-time and a 71-65 advantage during the Sacramento-era.
“I’m trying to kill ‘em, plain and simple. Things didn’t go well there. They’re the enemy now, so we’re trying to kill ‘em - beat them by 50.” -Matt Barnes on his approach against his former team
Sacramento Kings point guard Ty Lawson spent time in a Colorado courtroom Thursday to face allegations of potential probation violations. Lawson was granted a six-week stay in case and will reappear in court on May 4, CSN California has learned through a league source.
According to Jesse Paul of the Denver Post, Lawson, through his attorney Harvey Steinberg, entered a denial of probation violations. Lawson tested positive for alcohol three times in the past year, according to published reports. If true, it would be a violation of his probation.
Lawson’s legal troubles stem from a 2015 DUI arrest in Denver. The eight-year NBA veteran signed a one-year deal with the Kings on Aug. 31, 2016. Through 63 games, including 21 starts, the 29-year-old guard has posted averages of 9.2 points and 4.7 assists in 25.1 minutes per game.
He sat out Wednesday’s loss to the Milwaukee Bucks for “planned rest.” Lawson is expected back in a Kings uniform Friday night when they take on the Golden State Warriors at Oracle Arena.