March 23, 2013 at 4:37 PM
Sacramento announces framework for an arena deal
Two days later than initially planned, Sacramento mayor Kevin Johnson today announced that the city has agreed on a deal with a private investment group for a new arena designed to keep the Kings from relocating to Seattle.
I’m pleased to announce an agreement w/ Burkle-Mastrov-Ranadive group on a public-private partnership to build a new ESC at DT Plaza Mall…
— Kevin Johnson (@KJ_MayorJohnson) March 23, 2013
According to Tweets from several Sacramento news outlets, the total cost of the arena is $448 million with $190 million in private investment and $258 million from the city, largely from land and parking as well as a ticket surcharge.
The same group is also putting together a bid to buy the Kings from the current owners, the Maloof family, with Sacramento news outlets estimating the total expense of the team and arena at $1 billion.
The arena deal will be voted on by the Sacramento City Council Tuesday, with one news outlet Tweeting that it is expected to pass easily:
City of Sacramento will vote on the arena deal Tuesday. The deal is expected to pass 7-2. #NBAKings
— Sean Cunningham (@News10Sean) March 23, 2013
More details as they come.