The Sacramento Kings have been working toward securing a new arena so that they're able to continue playing in California, but nothing has been worked out as of yet. They're apparently coming closer to reaching an agreement, however, with further meeting scheduled during the NBA's All-Star weekend.
Kings Will Contribute Heavily To New Sacramento Arena, Vows David Stern
NBA Commissioner David Stern recently did an interview with TNT’s David Aldridge, saying that the team will contribute heavily as they attempt to pay the $387 million needed for a new arena. The city is reported to have asked for about $85 million, according to a report from the Sacramento Bee, but Stern wouldn’t disclose any precise numbers.
He did say they might be getting creative to help with their portion of financing for the arena, though.
“The team has agreed to a substantial contribution, both directly from itself, but also by catalyzing AEG to be interested. In effect, whatever money AEG puts in is because of give-backs by the team ... so we see that as a team contribution,” Stern said. “Whether it ultimately closes all the gaps, we’ll know as we negotiate continuously and I fully expect that we will be negotiating in Orlando (this weekend when team and city representatives meet for the All-Star game).”
With a deadline looming on March 1 -- though it’s possible an extension could happen -- hopefully everything is sorted out at the meetings Stern discussed in the interview.
For more on the Kings, visit Sactown Royalty and SB Nation Bay Area.
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