Sacramento, Kings Reach Deal On New Arena

ORLANDO (CBS13/AP) – It looks like the Kings will be staying in Sacramento.

Mayor Kevin Johnson, the Maloofs and Commissioner David Stern announced they have a hand-shake agreement for a deal to build a new entertainment and sports complex for Sacramento and keep the Kings in the Capital City.

“It’s a great day for the city of Sacramento,” said Joe Maloof to reporters gathered at the Waldorf Astoria in Orlando where the Maloof family, Sacramento Mayor Johnson and NBA officials have been meeting for the last three days to try and hammer out a deal by a March 1 deadline set by the NBA.

CBS13’s Koula Gianulias is in Orlando and reports the team and city have “framework” of a stadium financing proposal.

“It’s game over, so our community should be really excited. I want to jump up and down,” Johnson said. “I’m very excited. It’s a new day for Sacramento. We’ve all been working around the clock to get to this point.”

Sources tell CBS13 there was $35 million gap when they came to the table this morning. They bridged the deal with the Maloofs upping their contribution from $50 million to $75 million up front. AEG helped by adding $10 million for a total contribution of $60 million.

Sports Illustrated reports that the Maloof family also said they could add an additional $60 million in future years.

The Sacramento City Council is expected to vote on the plan March 6.

The full financing plan will be made public by Thursday.

FANS REACT TO ARENA DEAL

Reaction to the tentative deal was quick, ricocheting through the Twittersphere.

Devin Blankenship, the Director of Media Relations for the Kings sent this tweet: “Was at my parents house with my 2 kids when I got the news this am. 3 generations of Sacramentans near tears. So happy for the city.”

And from Think Big Sacramento: “A new day for Sacramento! We have a framework for a deal!”

Local politicians also reacted to the news of the tentative agreement.

“This deal is great news and a big boost for the Sacramento region. I congratulate Mayor Johnson and the City Council, as the entire community came together and developed a blueprint of what they would like to see out of a downtown sports and entertainment complex,” said State Senator Darrell Steinberg. “When you bring a “can-do” attitude to negotiations, everybody wins.”

Despite attempts by Anaheim and Seattle to swoop in and lure the Kings, the fate of the franchise is in the hands of the Sacramento City Council – which has approved every arena measure to date under the current project. The arena, which would open for the 2015-16 season in the downtown Sacramento rail yards, is a vote away from breaking ground.

“I’ve had the great pleasure … of opening up two arenas and I’m looking forward to opening up a third in Sacramento,” Stern said. “I want the Maloof family to get back to Sacramento fast because I’ve asked them to get those renewals out for next season.”

The next step is for the arena deal to be voted on by city council.

Comments

One Comment

  1. NO NEW ARENA! NO NEW ARENA! NO NEW ARENA! says:

    WE NEED A COURT ORDER TO STOP THIS PROJECT NOW!!! THE CITIZENS OF THE CITY OF SACRAMENTO MUST HAVE THE RIGHT TO VOTE ON THIS ISSUE IN A GENERAL ELECTION!! WHERE ARE THE ATTORNEYS AT? WE NEED TO HEAD DOWN TO SAC SUPERIOR COURT AND FILE AN IMMEDIATE INJUNCTION TO STOP THIS!! THIS IS VERY IRRESPONSIBLE!!! THE KINGS ARE NOT WORTH GIVING UP 50 YRS OF PARKING REVENUE WHEN OUR COPS AND FIRE FIGHTERS ARE FACING LAYOFFS!! AND I GUARANTEE YOU KINGS SUPPORTERS: IF AND WHEN THE VOTERS HAVE THE CHANCE TO VOTE ON THIS ARENA, IT WILL BE SOUNDLY DEFEATED!! JUST WATCH SAC TURN INTO ANOTHER STOCKTON!! YOU SUPPORTERS MIGHT HAVE WON THIS ROUND, BUT YOU HAVEN’T WON THE WAR!!

    1. DTCHRIS says:

      WAR IS OVER IDIOT !!!

      1. You says:

        Far from over………….It will never happen. Lawsuits = never

  2. stan atkinson says:

    You mean Sacto got a new aranus deal?

  3. DAVE says:

    TODAY IS THE GREATEST DAY IN SACRAMENTO HISTORY!!! FOR THE ANTI ARENA PEOPLE KEEP SPITING YOUR VILE THOUGHTS AND WASTED BREATH…FREAKIN LOVING IT…

    1. You says:

      Dreamer……….

      1. DAVE says:

        You are right i am a dreamer…..And my dream just came true….now you can go back to your miserable existence

      2. You says:

        Keep dreaming Dave…………..It will never happen sweetheart.

    2. Jordan says:

      Lol This must be the only guy who shows up the games seriously I dont think Sacramento could care less if the kings stay or go. How do I know this? I’ve seen the crowds that show up the games right now!! Its pathetic more people show up to d league games!

  4. Eric Canterbury says:

    I’m glad I don’t live in Sacramento anymore.

    1. Shirley says:

      Oh, amen. I knew that silly ex-NBAer would eventually cram this down the throat. Doubt it will ever happen, though.

  5. bodashus1 says:

    So lets go over the math, The Maloofs are going to kick in $73mil. with the (chance) of another $60mil. at a later date. Added to the equation is the $70mil. they still owe the City. Wow, that adds up to a little over $200mi. That would surely be enough to save our parking issue without sacrificing our future. Unless the $73mil. they are kicking in is the same $70mil they still owe us but is now forgiven? When will the Maloofs commit to the debt they still owe the City they Love!

    1. You says:

      The Maloofs will never kick in that kind of money = NO ARENA

    2. lavichia says:

      I cant believe this, you mean to tell me they found 73ml for a Arena, yet we have no money for schools, no money for the homeless, no money to keep business in town and yet they found money for an Arena… Our kids our failing, if they cant get a 2.0 the cant play any sport. Who is going to be the next kings all star, when the kids cant play high school football due to grades, which will effect the college they go to (if they go) which will have less and less players to scout for. If I was the mayor I would make every player, owner, share holder of the kings be responsible to give back to Sacramento. Make them give back in every which way, volunteer time, start a foundation, or club, a clinic, give back to the schools.

  6. John says:

    SO tell us, reporter, media, what amount of $$$$$ has KJ agreed to SHAFT the taxpayer with?!?!?

  7. John says:

    This report is STUPID at best…..why it left out the MOST IMPORTANT INFORMATION the public wants to know!!!!…..SO HOW MUCH $$$ has KJ agreed to SHAFT the taxpayers with!?!?!?!

    1. Jay says:

      LOL you are stupid. Taxpayers=zero risk. Get a clue.

      1. You says:

        “Zero risk for Taxpayers”………..what world do you live in?

  8. mcsmurf says:

    Who cares, I sure as he!! don’t. Let’s see $75,000,000 by the Doof’s, $60,000,000 from AEG’s bailout money, and the idiots of Sacramento will have to probably put in 3 to 4 times that amount to keep a bunch of loosers while the Doof’s and AEG laugh all the way to the bank.

    1. mrmike says:

      AIG got the bail out. Not AEG dumba**.

  9. NO NEW ARENA! NO NEW ARENA! NO NEW ARENA! says:

    THE PARKING REVENUES GO INTO THE GENERAL FUND, THUS IT IS PUBLIC MONEY!! WE THE VOTERS SHOULD BE ABLE TO DECIDE WHAT WE DO WITH THAT MONEY!! MOST VOTERS WILL AGREE THAT THE PARKING REVENUE MONEY SHOULD BE INVESTED IN CURRENT CITY SERVICES, NOT A NEW ARENA!! THIS IS WHY WE NEED AN IMMEDIATE COURT ORDER TO STOP THIS DEAL DEAD IN ITS TRACKS!! IF YOU SUPPORTERS WANT A NEW ARENA, THEN RAISE THE MONEY WITHOUT TAPPING INTO THE CITY’S COFFERS!! WE DO NOT WANT TO WIND UP BEING ANOTHER VALLEJO, STOCKTON, OR OAKLAND!! WE THE VOTERS SHOULD HAVE A SAY IN THIS, AND BELIEVE YOU AND ME THE VOTERS WILL DEFEAT THIS MEASURE IN A HEARTBEAT!! SO KEEP DREAMING, ARENA SUPPORTERS!! WE, THE ARENA OPPONENTS, SHALL OVERCOME!! NO WAY ARE WE THAT DUMB TO GIVE UP 50 YRS OF PARKING REVENUE TO BUILD A NEW ARENA THAT WILL ONLY BE GOOD FOR 20-30 YRS!! WATCH OUT, IN 2036, THE MAGOOFS WILL WANT ANOTHER NEW ARENA!! YOU SHOULDN’T GIVE FINANCIAL RESPONSIBILITIES TO A BUNCH OF LOW IQ, UNDER-EDUCATED, REDNECK SPORTS FANS!! IF THE KINGS LEAVE, OH WELL BYE BYE!! MANY CITY OF SAC RESIDENTS DO NOT CARE ABOUT THE KINGS ANYWAYS!! AND WHO CARES HOW MANY JOBS IT WILL CREATE!! IF YOU WANT GOOD, DECENT PAYING JOBS, THEN ATTRACT CORPORATIONS TO SAC WITH LITTLE TO NO REGULATION AND RED TAPE, AS WELL AS NEAR-ZERO TAX RATES!! THAT’S HOW YOU BECOME A “WORLD-CLASS CITY!!”

    1. Al says:

      it’s true people..he typed it in caps

    2. Jordan says:

      Couldn’t agree more! Sacramento has so many more problems than a crummy NBA team

    3. fixnmyhouse says:

      You’re screaming so loudly I can’t hear what you’re saying.

  10. Jester says:

    I was just wondering something. Is there *anyone* who has *anything* to do with this team who can keep from crying? Seriously, it seems like anyone who is on the TV and has ANYTHING to do with this team can’t manage to keep from either crying or looking like they are about to start. You have the coaches who seem like they’re sad most of the time, the owners who sound like they’re apologizing for being alive, as well as actually breaking into tears today and crying and finally, you have the team itself who cry and whine because they can’t seem to win a playoff. Come to think of it, I think I answered my own question.

  11. Mae says:

    Kevin Johnson, bullying ALL the voters has won. Now that he has his basketball team what is he going to do for the rest of the people in Sacramento, who voted against this insanity and will NEVER set foot in the house we are building for Gavin Maloof. Wish I could get a couple Grand to keep from going bankrupt.

  12. Trish Harrington says:

    I knew this would happen from the get go. While I enjoy entertainment, too much money is being put into this effort. The last contribution by the County who will split some parking revenue with the parks. The parks need every penny of the money, including that just sent to the City for the arena. Very near sighted.

  13. Jordan says:

    This is all a pointless conversation because if the Kings suck like they always do lately no one will show up! The Warriors sellout every night and they’ve been worse than the Kings. SACRAMENTO IS NOTHING BUT BAND WAGON FANS. So after the novelty wears off of new stadium you guys will still suck at getting a full stadium.

  14. FF. says:

    AS I read these comments, I can tell who the one’s who like the kings and sports in general, and the naysayers who will always disagree with any hot button issue. I find it interesting that these kinds of people are never happy with a city or state government will do to promote their city. All citizens of Sacramento should just celebrate the moment and applaud everyone who got us this far. And this observation isn’t coming from a hoops fan, but a fan who wants Sacramento and the surrounding area be as terrific as it can be.

    1. Jordan says:

      Then bring in more biz and culture do you think SF is the way it is because of the Giants or 49ers or Oakland is looked down upon because of the A’s? No you need to do much more than keep a last place team in town. That money could be used to improve so many more things. Sacramento is fourth fiddle at best to the Bay LA and San Diego. Sacramento is slightly above Fresno and Bakersfield. Keeling an NBA team wouldn’t change the impression its a hookie country town (lived here for far too long and it is.)

      1. Sybil says:

        No kidding. World class cities don’t depend on sports arenas to be on top. They are rarely state capitols, either. The Giants and the 49rs do not make San Francisco a destination city. SF was world class before it had either team and will continue to be with or without sports.

      2. Skibum624 says:

        First, Sacramento is much more than Fresno or Bakersfield. It is the capital of CA. It is a city that could be viewed as the gateway to Napa, Tahoe and the Delta. The one huge issue that the rest of the world has had with our city is this. Not an arena, not the Kings, but a facility that can provide the entertainment, sports, and convention space needed to attract people to our area. Now we are on the cusp of having that. Remodeling Old Sacramento is not enough. Redoing K Street mall is not enough. Remodeling Cal Expo would not be enough. Doing 2 or more of those things together, one being the arena, now you have something. It has worked is so many other cities, the proof is in the pudding.

      3. mrmike says:

        Sacramento isn’t a whole lot more than Bakersfield or Fresno… We just have a capitol and delta breeze. I wouldn’t cite ‘gateway to ____’ as a reason to be proud of a place to live. I would pride being a destination. Not a rest stop.

        To make it a destination, yes. Build the arena *and* redevelop K street/Cal Expo, SOMETHING.

  15. Sybil says:

    I wonder if the few of you that have positive comments are home-owners in Sacramento? The majority of us are far more interested in education and jobs (not those selling beer at arenas) than a third rate sports team. The new arena (if indeed it gets built) won’t contribute to SAcramento and will become a huge headache in the future – when the next generation of the Maloof family will be expecting us to support their lifestyle!
    Oh, and what was the NBA comissioner going to say before KJ quickly shut him up? Oh yeah, there’s some slippery stuff going on.

    1. Skibum624 says:

      Negativity is bad, ignorance is worse, and you have both. You are very misinformed as this arena project will contribute tens of millions of dollars in additional revenue to our area. It will help home values increase over time, it will help the city of Sacramento provide more services, hire more fire and police, increase funds to education and bring more money into the area. It is not just about the Kings, it is about the arts, conventions, entertainment, tourism, etc. It is about finally getting a piece of land that generated no revenue into one that generates millions annually.

      1. Sybil says:

        There is no history of a sports arena doing what you say. It’s pie in the sky, and you’re just repeating the nonsense rolled out by the arena supporter machine. You sound financially naive. While you look at possible future revenues, you forget to count the costs, and that’s the big problem.

    2. mrmike says:

      Sybil, you cite money towards schools. Doesn’t the state fund the schools?

  16. Skibum624 says:

    On a day when clouds were rolling in, the Sun burned brightly on Sacramento. It has been team effort, one that has produced a great deal for the Sacramento area and a model for future growth in our area. The Maloof’s have once again shown us the class, commitment and passion that can only be described as a gift to our area. Mayor Johnson, Think Big Sacramento and Carmichael Davie deserve a ton of credit for this effort, now we just need the city council to vote YES on March 6!

    1. Sybil says:

      Sure, click your little red shoes and say “theres going to be an arena” three times!

  17. dennis baird says:

    Long time Kings fan. Love the new deal. However; Six phases of a project: 1-Excitement 2-Praise and honor for non-participants 3-Disillusionenment 4-Panic 5-Search for guilty 6-Punishment of innocent. Let’s all pray this doesn’t happen.

  18. DAVID says:

    THIS IS THE BIGGEST MISTAKE, I GUESS WE GET TO SEE HOW EDUCATED AND SMART OUR STATE OFFICIAL’S ARE. I THINK THAT THERE SJOULD BE A POINT THAT ONLY THE PEOPLE WHO WANT THIS B.S. ARENA SHOULD PAY FOR AND NOT THE HARD WORKING PEOPLE WHO CANT AFFORD TO PAY FOR SOMETHING THAT ISNT NEEDED.

  19. mrmike says:

    You do know this will drive revenue in taxes that will go to Fire, police, sheriff and other services right? We’re not losing anything. Our taxes are not going up at all. We’re still paying the same for parking. There may be a surcharge on tickets to use the arena for a game, concert, or show. If you don’t want to pay then don’t buy a ticket.

    Face it. Accept it. The Kings, the NCAA, are not wanting to play in Sacramento. I don’t think they think they’re too good for Arco, but it is a business decision. There are much better venues out there for them to play at which would earn them more money.

    The NCAA used to hold their mens basketball (March Madness) regional tournaments there bringing in well over $1 million dollars into Sacramento’s economy the few days they were here. Arco ‘does not meet the NCAA standards’ so they don’t play there anymore.

    Please look at towns like Washington DC with a new baseball park, Phoenix with the arena downtown and see how the new venues improved their areas. Then tell me this is not worth it.

    The money is not going to the Kings people. It’s going to us! This is our arena. Not theirs. We’re going to reap the benefits of this, as will they. But to do so, we all have to chip in a little bit. Good thing is TAXES WILL NOT BE RAISED.

  20. the viper says:

    look at this a new arena = more traffic =more problems .sac is broke but they find a way to make things worst = a bunch of money grubbing assclowns in sac.
    someone asked about giving back to schools or starting up a club ect ect ect . well i do know that the kings do have a club its called WE WILL TAKE YOUR MONEY AND RUN CLUB. NOW GIVING BACK TO SCHOOLS. THE KINGS DO AND I SAY DO SHOW UP HOSPITALS AND SCHOOLS AND HAVE HEARD THEY DO EVENTS BUT ITS ALL PR WORK FOR THEM .what the kings need to do is win a title so the people in the and around sac can say hey we made a good investment .cus we have the raiders,49’ers,oakland A’s sf giants here in california and all have won a superbowl’s or a world series for california . now kings its turn to man up and stop being a bounch or lady parts and win a frickin title.

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