Sacramento Mayor Kevin Johnson says he has received approval from NBA Commissioner David Stern to present a counteroffer to the league from investors who would keep the Kings in California's capital city.
Speaking at the annual State of Downtown Breakfast on Tuesday, Johnson says the city is in a "six-week sprint" to put together a proposal for the NBA's Board of Governors to consider. The league's deadline for teams to apply for relocation is March 1.
People with knowledge of the situation said last week that a group led by investor Chris Hansen, who wants to return the NBA to Seattle, has contacted the Maloof family about buying the Kings. They spoke on condition of anonymity to The Associated Press because no deal has been reached.
The Kings and the NBA have declined to comment.