Kings reach tentative agreement to stay in Sacramento

Anaheim nearly stole them a year ago and Seattle tried to muscle its way in at the last minute. In the end, the Kings look like they will keep Sacramento in front of their name for at least the next 25 years.It was announced Monday that the Maloof family, the Kings majority owners since 1999, had come to a tentative agreement with the city of Sacramento and the NBA, which played a role as mediator, to finance a new downtown arena and keep the Kings in town. The agreement came after an intense three-day session at the Waldorf Astoria in Orlando, Fla., during the NBA's All-Star Weekend as Sacramento leaders raced to meet a March 1 deadline to have financing in place for the new arena."I think when we left Sacramento and came to Orlando, you guys asked me how close were we. I thought it was a free throw — and you need to make two free throws," Johnson told reporters at a news conference at the Waldorf Astoria at Walt Disney World. "I think the city made the first free throw, and the Maloof family made the second free throw."It's game over."The long-fought battle to build a new arena for the Kings isn't one that fans want to relive. Dan Luper, owner of Big O Tires in Downtown Auburn, has been a Kings season ticket holder for seven of the last eight years. He said the news of the agreement was the only good news he heard all day."I'm going to be like a lot of people," Luper said. "I'm going to be watching the news. I'm kind of hoping they approve it because it's like it will be a snowball effect. I think once it gets approved we'll have some vendors start bidding for the concessions, contractors. I think it's a win-win for the economy. Now, it has to start paying for itself so that's a whole new different side. But it's a risk, what's not a risk?"Luper said he was cautiously optimistic about the agreement because it still faces approval from Sacramento city council March 6. The financing plan will be made public Thursday but under the proposed terms of the deal, the city will contribute $200-$250 million to the estimated $367 million arena, mostly by leasing out parking garages around the facility, a person with knowledge of the negotiations told the Associated Press. The person said Sacramento also will create revenue through a ticket surcharge.The Maloofs have agreed to contribute $75 million in upfront cash, which includes the sale of land around the 24-year-old Power Balance Pavilion in Natomas, along with paying off a current $67 million loan to the city and contributing more over the course of the deal. Arena operator AEG also agreed to pay almost $60 million."I think it's great for our community," a tearful Gavin Maloof said. "I'm glad it's finally coming to an end after 13 years. It's been a long road."The Kings almost moved to Anaheim, Calif., a year ago before Johnson and city leaders convinced the league to give Sacramento one last chance to help finance an arena. At one point, Johnson — a former NBA All-Star with the Phoenix Suns — even called the process a "slow death" and likened the city's efforts to a "Hail Mary."Johnson made a desperate pitch to the NBA Board of Governors last April to give the city a final chance to come up with an arena plan. He also bought time by presenting more than $10 million in commitments for new advertising, ticket purchases and other financial support from regional businesses for this season.The NBA's relocation committee, headed by Oklahoma City owner Clay Bennett, who moved the team now known as the Thunder from Seattle in 2008, recommended that the league give the city a shot to follow through— and handed down a March 1 deadline to come up with a plan to help finance an arena.In the end, the deal was strong enough to convince the Maloofs to stay — pending the City Council's approval."This is a great day for Sacramento, a great day for the Maloof family, a great day for the NBA" Joe Maloof said. "I'd like to thank the mayor for all of his hard work and efforts throughout the years and, of course, the commissioner for all of his support and everything he's done for the NBA. Our family is just so excited that we have the framework for a deal. We've always said we wanted to stay in Sacramento and now here's our opportunity."Despite attempts by Anaheim and Seattle to swoop in and lure the Kings, the fate of the franchise is in the hands of the Sacramento City Council — which has approved every arena measure to date under the current project. The arena, which would open for the 2015-16 season in the downtown Sacramento rail yards, is a vote away from breaking ground."I've had the great pleasure ... of opening up two arenas and I'm looking forward to opening up a third in Sacramento," Stern said. "I want the Maloof family to get back to Sacramento fast because I've asked them to get those renewals out for next season."