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Sacramento, NBA close to arena financing deal

  • Sacramento Kings head coach Keith Smart, left, talks with Kings guard Tyreke Evans, as free throws are being shot during the third quarter of an NBA basketball game against the Portland Trail Blazers in Sacramento, Calif., Thursday, Feb. 2, 2012. The Kings won 95-92.(AP Photo/Rich Pedroncelli)

Sacramento's last shot to remain an NBA city appears headed for another overtime.

In a joint statement released Wednesday, Sacramento Mayor Kevin Johnson and NBA Commissioner David Stern said they have agreed to a "work plan" in hopes of reaching a deal to finance a new arena by the March 1 deadline. Johnson, Stern and the Maloof family, which owns the Kings, will meet during this weekend's All-Star festivities in Orlando, Fla.

If a plan can been hammered out in time, a term sheet will be announced March 1 and the Sacramento City Council will vote on the plan at its March 6 meeting.

"Sacramento stands ready to meet the March 1 deadline," Johnson said in the statement. "Our approach makes good on the principles that have guided us throughout this process: protecting the taxpayers, creating jobs, and pursuing an open and transparent process."

The major sticking point in negotiations remains how much the Kings will contribute.


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