10:37pm: After NBA commissioner David Stern told reporters that he expects Johnson's group to have a fair shot at retaining the Kings, Johnson tells Sam Amick of USA Today that he is getting closer to assembling his group of prospective buyers and presenting a final bid to the NBA's board of governors.
12:36pm: Ken Berger of CBSSports.com reports that Sacramento mayor Kevin Johnson has participated in a series of meetings in Houston to explore the possibility of keeping the Kings from moving to Seattle. Johnson said he was "encouraged" and called the meetings "positive and productive."
The Kings were sold last month to an ownership group led by hedge fund billionaire Chris Hansen, who is intent on moving the team to Seattle to play in a new arena they have a plan in place to build. However, Johnson and other Sacramento investors are attempting to put together a counteroffer to prevent the team from leaving.