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Kings Local Bid Announcement Might Not Happen Until Next Week



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(Sacramento, CA)
Wednesday, January 30, 2013

Johnson says an announcement of a local bid to buy the Sacramento Kings may not come until next week.  But, that should not be taken to mean that there are any rifts between the City and prospective bidders.   

Johnson says a local bid might include construction of an arena at the Downtown Plaza, if it matches the City's Railyards plan from last year, "The cost has to be the same that our parking will allow that invest to allow the City's full participation.  There's this feasibility.  We know it would work at the Railyards site.  If it's somewhere else, does the feasibility of that project make sense?  And then lastly, timeline."

Johnson says work done by the City and prospective bidders is progressing rapidly, but there are a lot of details to sort out.  He says a $ 900 million package including the team and a new arena will be enough to match whatever a Seattle investment group has offered the Kings majority owners.  Johnson anticipates the Kings will play at a new venue in downtown Sacramento by 2016.

Johnson says there are no immediate plans for meetings or phone conversations between himself, prospective bidders, or the National Basketball Association. 

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