Originally written on The Daily Rival  |  Last updated 2/27/12

The Kings look to be staying put in Sacramento after the team agreed to a tentative deal Monday with the city for a brand new downtown arena.

The Maloof family, which owns the franchise, has agreed to put down $75 million upfront before construction, while Sacramento reportedly will post between $200 million to $250 million. George Maloof, via the Sac Bee:

“We’re going to have a new building, we’ll be able to attract players. It will be much easier.”

“My family is making a major commitment. I think it is a fair deal. We gave a lot. Everybody had to give. Sometimes you have to take chances and we think this is worth taking.”

Unsatisfied with their arena situation (because the arena formerly known as Arco Arena is a dump), the Kings were close to moving to Anaheim after last season before the league got involved (David Stern intervening? That’s not like him), saying Sacramento should be given a better change to come up with a new facility. The tentative agreement comes just days before the NBA’s March 1 deadline for the team to reach a deal for a new arena.

Team co-owner Gavin Maloof came out of negotiations Monday morning in tears to announce that the team has made a long-term commitment to the capital.

“I’m still emotional,” he said. “It’s been a long time.”

His brother George Maloof said Monday morning that his family would put in “close to $75 million upfront, probably another $75 million over the term of the agreement.”

“We got something worked out, tentative. We’re all very excited about it. We were skeptical about whether or not something could happen.”

Asked about the family’s ability to afford such a deal, he said, “We can finance that.”

Gavin Maloof crying because he has to stay in far-from-swanky Sacramento?

Seattle was keeping its eye on this situation. Now watch out for the Hornets trading their Mardi Gras beads for oversized coffee mugs.

[Big ups, Real GM; Photo via]

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