Mayor Kevin Johnson just told the media in Orlando that the city has agreed to the framework of a deal with the Maloofs and the NBA on funding for a new entertainment and sports complex downtown. The city had met with the NBA and the Maloofs for the last couple of days to hammer out a deal that can be presented to the Sacramento City Council on March 1 for a vote on March 6.

The details of the framework of the deal will become known better as we approach March 1. But there is reason to believe it's a deal that can win City Council approval. From Sam Amick:

This was a crucial step … but just a step. Next up: approval for parking funding from the county on Tuesday, approval on the deal from the City Council on March 6. This isn't over.

Let's dance.

UPDATE 1: From Mr. Amick …

UPDATE 2: George Maloof told reporters that the family will contribute $70 million up front and up to $75 million via ticket surcharges over the next 30 years.

UPDATE 3: From NBA.com's Fran Blinebury: