By Evan Hilbert
March 08, 2012

Sacramento's city council approved a plan that would help finance the team's bid for a new $391 million arena, according to the Associated Press.

Both the Kings and the NBA signed a non-binding term sheet, which would keep the Kings in Sacramento for the next 30 years.

According to the report, the city will pay $255.5 million towards the arena, and the Kings will be responsible for the rest. It is slated to open for the 2015-16 season.

You May Like