DEVELOPING: Sacramento, Maloofs and NBA agree to framework for new arena
Here they agree.
A framework has been reached to construct a new arena in downtown Sacramento. The deal is a significant private-public partnership between California’s capital city, owners of the Sacramento Kings and arena operator AEG.
According KFBK reporter and CK contributor/columnist Rob McAllister, the Maloofs will contribute roughly $70 million toward constrcution costs of the proposed arena. Sam Amick of Sports Illustrated reports that the Kings’ owners will also pay surcharges on ticket sales that add “more than $60 million more over time”.
“I have to control myself from jumping up and down,” said Sacramento mayor Kevin Johnson, as quoted by McAllister on Twitter.
The next step in the arena project? Preparing the financing plan for the Sacramento City Council, who will vote next Tuesday (March 6) on terms of the agreement.
“I think it’s great for our community,” said Kings’ owner Gavin Maloof through tears of joy according to McAllister. “I’m glad it’s finally coming to an end after 13 years.”
Tweets from reporters on the scene:
George Maloof on having to be convinced: I think we all have different mindsets, this was making sure things were right.
— Rob McAllister (@Rob_McAllister) February 27, 2012
— Ryan Lillis (@Ryan_Lillis) February 27, 2012
Joe Maloof also says contribution did not include any loans from the NBA. Other mechanisms – selling former arena land etc. – down the line.
— Sam Amick (@sam_amick) February 27, 2012
Weekly contributor/columnist Rob McAllister is in Orlando for the 2012 NBA All-Star festivities. Follow him on Twitter for constant updates from the Sunshine State.
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