Johnson announced the agreement Saturday on his Twitter account. He said the group includes Silicon Valley software tycoon Vivek Ranadive, 24 Hour Fitness founder Mark Mastrov and billionaire Ron Burkle.
The City Council is planning to vote on the non-binding term sheet Tuesday.
The city plans to contribute about $258 million to the $448 million project by leasing out parking garages and land. Johnson said the deal will avoids new taxes and ensure a net impact to the city's general fund.
Sacramento is hoping to block a bid by a Seattle group that has a pending purchase agreement to buy the Kings from the Maloof family and move the team. The NBA Board of Governors is expected to make a decision by mid-April.
More Sports Headlines
Snohomish mixed martial artist returns to her first love Mariners beat Twins 4-3 in 11 innings Charles scores 29 points, Liberty beat Storm 78-62 Park wins Women's British Open, captures 4th different major Perry wins 2nd straight Champions Tour's 3M Championship Merritt shoots 67 to win Quicken Loans National by 3 shots Triple Crown winner American Pharoah wins $1.75 million Haskell Invitational Bills' Ryan names Incognito starting left guard
Our new comment system is not supported in IE 7. Please upgrade your browser here.