Mayor Announces Preliminary Arena Deal To Keep Sacramento Kings
SACRAMENTO (CBS/AP) -- Sacramento Mayor Kevin Johnson says his city has reached a preliminary agreement for a new downtown arena with an investment group that hopes to keep the Kings from moving to Seattle.
Johnson announced the agreement Saturday on his Twitter account. He said the group includes Silicon Valley software tycoon Vivek Ranadive, 24 Hour Fitness founder Mark Mastrov and billionaire Ron Burkle.
The City Council is planning to vote on the non-binding term sheet Tuesday.
The city plans to contribute about $258 million to the $448 million project by leasing out parking garages and land. Johnson said the deal will avoids new taxes and ensure a net impact to the city's general fund.
Sacramento is hoping to block a bid by a Seattle group that has a pending purchase agreement to buy the Kings from the Maloof family and move the team. The NBA Board of Governors is expected to make a decision by mid-April.
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