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.