An attempt to keep the Sacramento Kings (NBA) in town is coming down to the wire, as a $400-million financing plan is due at the end of the month.
Mayor Kevin Johnson has been leading the push for a funding plan, which is still not finalized. A key part of the plan calls for the lease of parking spots in downtown Sacramento for $200 million, followed by $80 million from the Kings owners and $50 million from the arena developer, presumably AEG.
This plan will go down to the wire. It’s due to the NBA on March 1, and the Sacramento City Council will be debating the parking lease on Feb. 28. It’s also not very clear whether the Maloofs would agree to (or could afford) to pay $80 million for a new facility; similarly, AEG officials have been quiet about putting up $50 million to keep an NBA team in an extremely small market.
Plus, there’s some additional pressure: the Seattle arena effort moves forward. We’ll be covering it later today.
RELATED STORIES: Sacramento officials push arena idea — but no funding plan; Kings to share financials for arena research; Kings to stay in Sacramento for ’11-’12; Will Kings move? No one seems to know; Report: Kings likely to stay in Sacramento for ’11-’12; Kings relo app deadline pushed back to May 2; Anaheim to discuss aid for Kings; Maloofs shoot down Arco refurb; Kings: From boom to bust; With Kings eying Anaheim, Johnson vows to continue arena quest; Maloofs sell naming rights to arena; admit to looking at moving NBA’s Kings; Johnson: We’ll take another run at new Kings arena; NBA: We’re done with Sacramento arena efforts; Consultant: It makes no sense to move Cal Expo as part of arena project; Maloof: We’re not looking at move to Seattle; Size of Arco Arena site threatens Kings arena deal
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