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Future of Arena Tied To Maloof Decision To Sell... Or Not

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(Sacramento, CA)
Wednesday, May 15, 2013

Mike Testa with the Sacramento Convention and Visitors Bureau says there are many benefits to the region if the Maloofs and the Sacramento investors can negotiate a sale.

"The effect is significant - not only from a jobs standpoint, but from the folks who go to restaurants and bars to watch games.  You know when the Kings were good, it wasn't just Sacramento, it was about Roseville and Davis and extra shifts for people trying to keep up with demand,"

Sacramento City Manager John Shirey says City staff will keep working on the arena project at the Downtown Plaza, but binding agreements can't be signed until ownership is settled.

NBA Commissioner David Stern said he would move quickly to convene the league's finance committee if a signed sale agreement between the Maloofs and the Sacramento group hoping to buy the franchise is in place.

A group opposed to the arena has filed a lawsuit claiming the City is hiding $80 million in costs.  The same group has filed notice it will collect signatures to put public funding of an arena project before voters.

California State Senate President Pro Tem Darrell Steinberg was one of many who celebrated news of the Kings staying in Sacramento.  He says he's optimistic the Kings owners and a group of Sacramento investors who have made an offer for the team will come to terms.

"You know what, I have great faith in David Stern," Steinberg said. "I know him well enough and have been before Mr. Stern now  a couple of times.  I have confidence in his ability to help reach the right result here."

The senator was a party to the regional proposal before the NBA. He authored legislation that would streamline environmental and paperwork requirements for large projects in California.


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