Sacramento, the NBA and the Kings announced yesterday that a tentative agreement was reached to finance a new arena and keep the Kings in Sacramento for the foreseeable future.
The agreement was attained by Sacramento Mayor Kevin Johnson, Kings owners the Maloof family and NBA Commissioner David Stern at the end of several days of meetings in Orlando during the NBA’s All-Star Weekend.
“Today is a new day for Sacramento and a defining moment for our community,” Johnson said. “We came to Orlando needing to convert both ends of a one-and-one free throw. Over the weekend, the city hit the front end of the free throw by making clear it had delivered on its promises and, today, the Maloof family hit the second free throw by stepping up and increasing their contribution.”
The framework of the deal outlines plans for the new arena to be built at the rail yards in Downtown Sacramento. The facility is estimated to cost $387 million and would open for the 2015-16 NBA season.
The full financing plan is set to be made public on Thursday before the Sacramento City Council votes on the proposal Mar. 6.
— Trevor Cramer