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UPDATE: Mayor Lays Down New Arena Vote Timeline and Disputes Stern Claim

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(Sacramento, CA)
Wednesday, February 22, 2012

Stern spoke to David Aldridge on TNT Tuesday night.

STERN: "The team has agreed to a substantial contribution, both directly from itself, but also by catalyzing AEG to be interested.  In affect whatever money AEG puts in is because of givebacks by the team to allow AEG to profit from the arena."

But, Sacramento Mayor Kevin Johnson says Stern misspoke.

JOHNSON: "AEG is the partner we brought to the table in terms of operator and equity investor is very clear and that does not directly go toward the Kings' contribution that we're going to need to put the whole deal together."

Johnson says money will also be needed from County of Sacramento to "put the deal together."  The city is asking the county to pitch in some of its parking revenues for the next three years.  The mayor says if the city hadn't acted, the Kings would have already left and the county wouldn't be collecting game-day revenues anyway. 

The Mayor continues to say the city will meet its March 1st deadline to have a financing package for a new downtown sports arena.  But, he says the city council won't vote on it until March 6th
The NBA has agreed to the new date to give the council ample time to review the funding mechanisms.
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