The Sacramento Kings reached an agreement that will build a new arena and keep them in Sacramento for the long-term, according to ESPN. The Maloof family, NBA commissioner David Stern and Kevin Johnson, the mayor of Sacramento, worked on the deal over the weekend before finalizing and announcing it this morning. The Maloofs will contribute about $70 million to the building of the new arena and are expected to contribute more over the course of the deal.
A big talking point in the discussion was how much the Sacramento Kings would be contributing. According to an anonymous source to the Associated Press, the Kings are expected to contribute $75-$100 million and arena operator AEG is expected to pitch in $40-$60 million based on how much the Kings are able to raise through advertising, ticket sales, etc.
Seattle and Anaheim tried to get the Kings to come to their city, but it looks like Sacramento will get to keep its NBA team (sorry Supersonics fans). This comes as a huge relief to Kings fans, who have supported their team as the franchise’s security has been in doubt over the last few years. This news complicates things for the city of Seattle, who recently unveiled plans to build a new arena to attract a new NBA team and an NHL team. The Kings were Seattle’s most likely candidate and this makes it more unlikely Seattle will have another NBA franchise any time soon. Rejoice, Kings fans! Supersonics lamenters, you may have to wait a little longer.