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Arena Deal Dead...Again



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(Sacramento, CA)
Friday, April 27, 2012

An arena deal involving the owners of the Sacramento Kings has suffered a knockout blow…again.   Mayor Kevin Johnson sounded the final bell Friday morning -at the end of a second day of talks with the Maloofs. 

JOHNSON "For this to drag out longer would not have been in anybody's best interests.  Again, it became very clear that the differences were too far apart to overcome."

The Maloofs refused to pay pre-development costs or put up more collateral to refinance a loan with the city.  They would need the new loan before they could move into a new arena.     

The city has already been examining other options for the Railyards.

JOHNSON: "Plan B could potentially be building something downtown, with an anchor tenant or maybe without an anchor tenant -something very similar to what they did in Kansas City.  We also could do something smaller or some variation or there's a lot of scenarios that we can look at.  "

The city now looks to see who could help it build a smaller arena.

JOHNSON: "We've got to make sure that the infrastructure in the Railyard goes forward in all the ways we've been looking at.  And then our parking folks- all of the people who bid on parking- they are interested in partnering with us."

The future of the Kings in Sacramento is uncertain.  The Maloofs have recently raised the possibility of renovating Power Balance Pavilion.  The mayor says the return wouldn't be worth the investment. 
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