Maloofs Agree to "Framework" of a Deal to Keep the Kings in Sacramento

It looks as though the Kings will remain in Sacramento. The Maloofs have agreed to “the framework of a deal” to fund “close to $75 million” of the $387 million stadium costs up front, and pay another $75 million from ticket surcharges over 30 years. That deal, coupled with the pending approval of a plan by the city to raise up to $230 million by leasing public parking garages and some additional funding from AEG, should keep the Kings from leaving for Seattle or Anaheim.

The NBA had a March 1 deadline to find such an arrangement. The City is expected to vote on the parking deal on March 6. Sacramento Mayor and former NBA star Kevin Johnson said of the agreement: “I want to jump up and down.”

[Photo via Getty]

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