David Stern said during his annual NBA All-Star Weekend press conference on Saturday that league officials will continue negotiations with Sacramento leaders and the Maloofs, who own the Kings, on a funding plan for a new arena in that city. Stern met with Sacramento Mayor Kevin Johnson briefly Saturday after city and league staff spent several hours negotiating the Maloofs' contribution to the construction of a new facility.
City, NBA To Continue Negotiations On Sacramento Kings Arena Deal Sunday
Stern said that gaps still exist, and the March 1 deadline for a deal remains. The Sacramento City Council is expected to vote on a potential deal March 6.
Earlier on Saturday, multiple reports cited sources who said the city of Sacramento is seeking a contribution from $70-$90 million from the Maloofs. The family losts the majority of its stake in The Palms Casino and Resort last year due to reported debts in the hundreds of millions. The Maloofs have also shuttered the WNBA Monarchs and sold the family’s lucrative New Mexican beer distributorship in recent years to get some liquidity. Joe and Gavin Maloof infamously switched from first-class to coach travel in the painful 2008-09 season. It is unclear whether they have returned to the luxury of the front of the plane.
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