Sacramento, CA – The Sacramento City Council approved a financing plan Tuesday night to help the Kings build a $391 million sports arena.
The city of Sacramento, the Kings and the NBA announced a tentative deal on February 27 to finance a new arena for the club. By a 7-2 vote, Sacramento's city council accepted the plan on Tuesday.
Under the agreement, the city will contribute $255.5 million to the project. The Kings have agreed to pay $73.25 million and arena operator AEG will chip in $58.75 million.
The Kings and the Maloof family made the following statement:
"Tonight's vote was an important next step in the process to construct a new entertainment and sports complex in Sacramento. On behalf of our entire family and the Kings organization, we want to thank everyone who has helped move this forward, especially the NBA, City Council, Mayor Kevin Johnson, the Think Big Sacramento Committee, and most importantly, our dedicated employees and loyal fans. We're all excited."
The arena is scheduled to open for the 2015-16 season in the downtown rail yards.
The Kings have played in Sacramento since 1985, after relocating from Kansas City, and have played in the building formerly known as Arco Arena since the 1988-89 campaign.
The Kings have not made the playoffs since the 2005-06 campaign and currently sit in the basement in the Pacific Division with a 12-26 record.
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