February 29, 2012

Kings to stay in Sacramento

Filed under: National Basketball Association — Giorgio Varlaro @ 3:08 am

Supplied via Google Images

On Monday the Kings and the NBA announced a tentative deal which would keep the team in Sacramento, California. A new $387 million arena would upgrade be an upgrade from Power Balance Pavilion, the Kings home since 1988. The new arena will be an upgrade from the Power Balance Pavilion, which has the lowest seating capacity in the NBA (17,317).

As early as February 2011, David Stern had serious discussions to relocate the team to Anaheim. The Maloof Family, which owns the Kings, went as far as preparing a case for relocation to the Board of the NBA in New York City, but Ron Burkle showed strong interest in buying the team to keep them in Sacramento. Due to this and a strong support from their fans, any thought of the Kings changing to the Anaheim Royals vanished.

Under the proposed terms of the deal, the city will contribute $200-$250 million, mostly by leasing out parking garages around the facility. The Maloofs have agreed to contribute $75 million in upfront cash, which includes the sale of land around the team’s current suburban arena, along with paying off a current $67 million loan to the city. Arena operator AEG also agreed to pay almost $60 million.

Despite attempts by Anaheim to lure the Kings, 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 arena, which would open for the 2015-16 season in the downtown Sacramento rail yards, is a vote away from breaking ground.


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