Vote Tonight on New Kings Arena ... In Sacramento

By Erica C. Barnett March 6, 2012

The Sacramento City Council will vote tonight on an arena deal to keep the Sacramento Kings NBA team, which Seattle (and Anaheim) had hoped to woo away, in Sacramento. Under the deal, the city of Sacramento would contribute about $200 million to the cost of a new arena, raising most of that amount by leasing out parking lots around the facility to private parking operators and through a ticket surcharge, the Sacramento Bee reports. The balance of the money for the $387 million arena would come from the Kings' owners, the Maloof family, and arena operator AEG.

In announcing a proposal to build a new "self-financed" NBA-NHL arena on land in SoDo last month, Mayor Mike McGinn said he was not taking any responsibility for finding teams; that would be left up to San Francisco hedge fund manager Chris Hansen, who has offered to help finance a new arena along with a still-undetermined group of investors. Hansen had hoped to bring both the Kings and the Phoenix Coyotes---an NHL team that has also decided to stay put---to Seattle. It's unclear which, if any, other NBA or NHL teams Hansen has approached about relocation.

The Bee reports that as many as seven of Sacramento's nine council members are expected to vote for the deal.
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