Sacramento approves plan for downtown arena
Sacramento's last-ditch effort to save the Kings took a key step forward Tuesday night.
The city council voted 7-2 in favor of a proposed finance deal for a new 18,500-seat downtown arena.
An Seattle group previously reached a deal to purchase the Kings and move them to the Emerald City, where the team would be renamed the SuperSonics.
Sacramento, led by Mayor Kevin Johnson, a former NBA player, is putting together its own group that hopes to buy the team from the Maloof family. However, the NBA is believed to be unlikely to keep the Kings in Sacramento as long as the team plays in Sleep Train Arena, located on the outskirts of town. Thus, Johnson and his group put together a downtown arena plan.
According to the Sacramento Bee, the new arena would cost $448 million, with $258 million coming from the city, which plans to recoup the money through parking revenues.
The proposed new Sacramento ownership group includes Mark Mastrov, founder of 24 Hour Fitness; Ron Burkle, part owner of the Pittsburgh Penguins; and Vivek Ranadive, a Silicon Valley entrepreneur. New to the group is Qualcomm chief executive officer Paul Jacobs.
Even with Sacramento's arena plan taking shape, the NBA still could decide next month to approve the deal that would move the team to Seattle.
