The Sacramento City Council voted today in favor of approving a term sheet for a new downtown arena. Council members McCarty and Fong were the only no votes.

Following the news of Vivek Ranadivé joining Sacramento's investor's group, Paul Jacobs, the CEO of San Diego based Qualcomm, has joined the bid to keep the Kings in Sacramento.

Mayor Kevin Johnson tweeted today that an agreement has been reached between the city of Sacramento and the Burkle/Mastrov/Ranadivé group on an arena term sheet.

Sacramento has landed another proverbial whale as Golden State Warriors minority owner Vivek Ranadivé has agreed to join forces with Mark Mastrov and Ron Burkle in a bid to buy the Sacramento Kings.

USA Today's Sam Amick reports that the NBA will not be suspending Cousins for his elbow to Mike Dunleavy's head in Sunday's game. Cousins will however miss the game with a sore left leg.

David Stern stated in a press conference that there is a substantial variance between Sacramento's bid and Seattle's, and that the Sacramento bid must improve to be considered by the Board of Governors. However, Stern did add that there's still time

David Aldridge of NBA.com has a new take on the Sacramento situation that says while Kevin Johnson has greatly increased the chances of the Kings remaining in Sacramento, ultimately it will be up to the Maloofs to decide who they sell their team to.

Grant Napear reports that the Kings have released backup Point Guard Aaron Brooks.

The Mayor revealed his "whales" today as Mark Mastrov and Ron Burkle. He also said an arena would be built at the Downtown Plaza site and that the Sacramento corporate community has pledged over $50 million in sponsorships at a new arena.

In preparation for Tuesday's City Council meeting in which the Council will be asked to authorize formal negotiations with an investment partner for a new arena, the City Manager's office has released a staff report detailing the process.