Dueling teams of billionaires and mayors are heading to New York for a pivotal Wednesday showdown over the future of the Sacramento Kings.

Before an elite committee of NBA owners, delegations from Sacramento and Seattle will present their arguments on the issue that’s been making headlines for weeks: Should the Kings stay put or be allowed to move to the Pacific Northwest?

The meeting, to be held at a Manhattan hotel, comes a week after the Sacramento City Council approved a non-binding term sheet for a new $448 million arena at Downtown Plaza - a crucial piece in the city’s attempt to keep the team.

The committee is likely to make a recommendation sometime this month. A final decision is expected April 18 or 19, when the league’s Board of Governors, consisting of all the team owners, convenes in New York.

NBA Commissioner David Stern has said deciding between Sacramento and Seattle will be tough. Seattle offers a larger and wealthier population, but Sacramento has had a strong track record of supporting the league. Both cities are offering to build new arenas.

– Reported by Dale Kasler and Tony Bizjak of theĀ Sacramento Bee