The NBA has set "a series of benchmarks" for a new arena that the Sacramento Kings' new ownership group must meet in order to keep their team.
The NBA has the option of pulling the Kings out of Sacramento and to arrange a sale to new owners if the deadlines are not met.
The Ranadive group agreed to the deadlines in writing, David Stern said.
Stern said that he expects the group to meet the deadlines, but the owners insisted upon the agreement in case the arena project fails.
The NBA is insisting that the new arena open no later than 2017, which is actually one year later than city officials forecast.
Ranadive's group closed escrow on the team's purchase early Friday.