Updated Feb 27, 2012 - 11:47 am
Sacramento, Kings reach tentative deal on new arena
The Maloof family, owners of the Kings, have reportedly agreed to contribute $150 million for the new arena. Co-owner Gavin Maloof said the family is putting in "close to $75 million upfront" and the other $75 million will come partially from surcharges on tickets to be made over the course of the agreement.
"It's a great day for Sacramento," co-owner Joe Maloof said Monday.
Sacramento Mayor Kevin Johnson met with NBA commissioner David Stern and other executives during All-Star festivities in Orlando over the weekend. The city and NBA had a self-imposed March 1 deadline to come to an agreement on a deal.
The Sacramento City Council will vote on a proposed funding plan involving city parking facilities on March 6. The parking proposal is expected to contribute $200 million to the proposed $387 million arena.
If a majority vote is reached, the new arena would open in time for the 2015-2016 season in the downtown Sacramento rail yards.
Despite attempts by Seattle and Anaheim to lure the Kings to their respective cities, the fate of the franchise is in the hands of the Sacramento City Council -- which has approved every arena measure to date under the current project.
The Associated Press contributed to this report.
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