George and Gavin Maloof told reporters covering the NBA All-Star Game in Orlando, Fla., their family agreed to commit approximately $150 million to the $387 million project and keep the franchise in Sacramento for the foreseeable future.
"We got something worked out, tentatively," George Maloof said. "We're all very excited about it. We were skeptical about whether or not something could happen."
The arena issue had gotten to the point last season that the Kings had begun making plans to relocate to Anaheim, Calif., but the Maloofs said the Monday breakthrough will keep the team in Sacramento, The Sacramento Bee reported.
"We kind of bridged the gap of where we needed to be," George Maloof said.
The full financing arrangement will be made public Thursday and the Sacramento City Council will vote on the plan March 6.