City Manager John Shirey released a statement saying there will be no term sheet released today as he had hoped. He says members of the City's negotiating team continue to "make progress and have productive discussions with the Investor Group." He says, "It is important to get this right and not rush to make an artificial deadline."
Artist rendering of an arena located at 5th and L streets in downtown Sacramento. The image was on display during the Thursday evening meeting with city officials to discuss the arena plans.
But, the news is not all bad for Kings fans. The group bidding to buy the team and keep it in Sacramento has added another multi-millionaire. Vivek Ranadive tweeted this afternoon that he is "looking forward to supporting" Mayor Kevin Johnson's efforts to keep the "Sacramento Kings where they belong."
Randive is founder of the TIBCO Software company in Palo Alto.
Even though the term sheet between the City and developers including JMA Enterprises and billionaire Ron Burkle has not been finalized, the City will go ahead with a community meeting in the City Hall Foyer. Shirey is expected to comment at that time.