“The city and the Kings announced a tentative deal this morning to build a new arena in the downtown Sacramento railyard. More than half the money would come from leasing the city’s parking to a private operator, but the team’s owners say they’ve also agreed to pay $75 million upfront,” according to SacBee.com.
“George Maloof, the family member who pushed the hardest to move to Anaheim last year, said he believes the deal with Sacramento will allow the team to sustain itself financially for years in Sacramento, a small-market city. ‘We’re going to have a new building, we’ll be able to attract players. It will be much easier.’
‘”My family is making a major commitment. I think it is a fair deal. We gave a lot. Everybody had to give. Sometimes you have to take chances and we think this is worth taking.’
“Details of the agreement are expected to be included in a term sheet released by the city Thursday. The City Council is expected to vote on the deal at its March 6 meeting.
“A source briefed on negotiations, who declined to be identified because he was not authorized to speak, said the city will contribute $200 million to $250 million to the deal, primarily from leasing its parking garages to a private operator.’
The rest of the article is here.
Filed under: Uncategorized | 5 Comments »