Sacramento Mayor Kevin Johnson says his city has reached a preliminary agreement for a new downtown arena with an investment group that hopes to keep the Kings from moving to Seattle.

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.

– Reported by the Associated Press