Sacramento Mayor Kevin Johnson and NBA Commissioner David Stern issued a joint statement today calling arena negotiations constructive and laying out a two-week timeline for an arena deal.

The two said they and their negotiating teams will work through the weekend during the All-Star break in Orlando, and hope to come to a final agreement on a financing plan by Thursday, March 1, the deadline Stern previously set for a deal.

City officials announced they have canceled a planned Feb. 28 City Council hearing on the arena deal, and tentatively moved the council date to the following week, March 6.

Officials said they are switching the council date to avoid springing a major deal on council members and the public at the last minute, without giving them a chance to digest and discuss it.

Should that happen, however, the schedule allows the council and public only five days to analyze the deal and ask questions before the council would be expected to vote.

Johnson and Stern issued upbeat, but terse statements in today's 1 p.m. news release.

"Sacramento stands ready to meet the March 1 deadline," Johnson stated. "Our approach makes good on the principles that have guided us throughout this process: protecting the taxpayers, creating jobs, and pursuing an open and transparent process."

"We appreciate the work of the city of Sacramento and our discussions have been constructive," Stern said. "Our hope is that current momentum continues in a way that we're able to reach a deal by March 1 that makes sense for all parties."

If the two sides reach an agreement by March 1, they said they intend to make a public announcement that day.

City and NBA officials refused, however, to offer details of any potential deal. Stern, in an interview Tuesday on NBA.com, said the Kings team has agreed to make a major contribution to the $387 million arena project. But the commissioner said he considers the expected $50 million contribution from probable arena operator AEG to be credited to the Kings.

City officials have not said whether they agreed with that. The city is believed to have asked the Kings to pay $85 million toward arena construction, separate from the hoped-for $50 million from AEG.

The schedule laid out today by Johnson and Stern calls for nonstop talks through the weekend and into next week.

Today through Saturday: City officials and consultants review financing terms with NBA negotiators.

Sunday: Johnson and city representatives to meet with Stern and NBA officials, and representatives of the Kings in Orlando.

Monday through Wednesday: Final discussions, and briefings with stakeholders.

Thursday: Public announcement of arena financing "term sheet," if a deal has been agreed to.

Thursday, March 1 through Monday, March 5: Council and public review of the term sheet.

Tuesday, March 6: Formal council hearing and vote on the arena deal.

Call The Bee's Tony Bizjak, (916) 321-1059.