A $448 million deal to build a new basketball arena, which includes $258 million in public money from future parking fees, was announced Saturday afternoon by Sacramento Mayor Kevin Johnson in an attempt to keep the NBA Kings in town and out of Seattle.
A private investment group with three prominent California businessmen, plus other local investors, will contribute $190 million. The deal, which is non-binding, will be voted upon Tuesday by the city council, which is expected to pass it. Then the deal will be considered at an April 3 preliminary meeting in New York among NBA owners on the finance and relocation committees.
It is a counteroffer, unprecedented in NBA annals, to a sale agreement held by Seattle native Chris Hansen, who offered $341 million to the Maloof family for 65 percent of the franchise price of $525 million.
The $448 million is for the arena project only. The Sacramento bidders would have to strike a deal to buy the franchise from the Maloofs, who have in the past rejected local offers.
For more details, read the coverage by the Sacramento Bee here.