Report:

New Kings owners have until '17 to build arena

The SportsXchange

The NBA is giving the new Sacramento Kings ownership group a 2017 deadline to have a new arena built or risk losing the team to new owners.

The Sacramento Bee reported that the group, which is led by Vivek Ranadive, must meet a series of benchmarks as part of the agreement to own the team. Its purchase of the Kings from the Maloof family for an NBA-record $535 million was finalized this week.

If Ranadive's group does not meet the 2017 deadline, the NBA can arrange for new owners to buy the team and move it to another city. Ranadive plans to have an arena built by 2016.
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