New Area Deal Includes Ticket Price Surge; Non-Embarrassing Naming Rights Clause
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SACRAMENTO (CBS13) – Sacramento Kings fans came out in full force Sunday with a surge of excitement on the heels of the mayor’s big announcement of a new arena deal.
Despite the loss to the Philadelphia 76ers, there was a great deal of excitement at Sleep Train Arena as less than 24 hours ago the city announced it had a deal with the equity partners to build a $488 million arena at the K Street Mall.
But it won’t come without a cost. Beyond the city borrowing against the public parking spaces, fans will also have to pay a little extra not only in ticket prices, but likely surcharges as well.
Starting June 1, those attending any event will be hit with an extra 5 percent per ticket, which will go to help pay off the loan the Kings have with the city. It will also help make the general fund whole again from the loss of parking revenue. Once the new arena opens, an additional dollar will be tacked on as well.
For a lower level seat at $72, it will cost an additional $4.60 per ticket.
It is a price fans say they are willing to pay.
“Absolutely, you know what, it puts money back into our community and it’s going to keep jobs here,” fan Shauna Derose said.
Another revenue generator will be the naming rights of the building.
It was just a short while ago when the arena was named Power Balance Pavilion. The name became a joke countrywide when the bracelet company filed for bankruptcy. There is a provision that will prevent such a thing from blemishing Sacramento’s reputation again.
The term sheet reads: “Any name proposed to be associated with the entertainment sports complex shall be tasteful and not a cause for embarrassment to the city.”
“They could name it Laker Arena and it wouldn’t matter because the Kings are here,” fan Danny Langen said.
Despite having to shell out a few more dollars to see the Kings, or have an embarrassing name on the arena, all Kings fans care about it that their team stays in town.
Hundreds of fans tailgated before the game as part of the Here We Buy Two effort. They came dressed in purple and white and wore the jersey of their favorite player while feasting on some barbecue. Fans are trying to show the NBA that there is still a great deal of support for the Kings. The group was able to get more than $8,000 in donations to send 420 kids to their first Kings game.