Funding plan of the Sacramento Kings’ new arena to be disclosed on Thursday: NBA Update
Mayor of Sacramento City, Kevin Johnson is ready to unveil the funding plan of Kings’ new arena on Thursday. The funding plan of the Sacramento Kings’ new arena will reveal in depth the vastly anticipated proposal, which will determine
the actual possibility of making a new arena in town.
Sources close to Mayor Johnson have confirmed that quite a number of resources have been engaged to help build a top-notch arena for the Kings. The approximate budget is initially thought to be $387 million, but this amount may
increase.
On last Friday, Johnson speaking to the media highlighted the arena as one of his main priorities and keeping in view his primary focus on economic development and job creation in the city, he called this project as “the city's
greatest economic opportunity since the building of the Transcontinental Railroad.”
However, Johnson did not give any signs about the funding plan and how the city will create so much revenue in such little time.
Johnson has created a task force for the purpose and one of members recently spoke out in this regard,
“While precise details of the financing plan are still unknown, Chris Lehane, the chair of the task force, said in a new release this morning that it will include “contributions from both the public and private sectors, including
the Kings ownership group, arena developers and operators.” Chris Lehane also stated, “It’s also expected that an arena operator -- a company such as AEG -- will be approached to help with the construction costs.”
The Sacramento Kings’ potential move towards the Anaheim City was stalled after the entire city stood up to show their support for the kings. The Maloof Brothers are owners of the Kings’ franchise and wanted to relocate their franchise
to Anaheim City. The primary reason of relocation was the poor facilities and low revenues at the current Power Balance Arena.
The Maloof brothers were pretty confident as they would get the permission from the National Basketball Association (NBA) to move their franchise to Anaheim City but in the end, they did not get enough support from all the league
owners for their potential relocation to another city.
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