The Herald of Everett, Washington
HeraldNet on Facebook HeraldNet on Twitter HeraldNet RSS feeds HeraldNet Pinterest HeraldNet Google Plus HeraldNet Youtube
HeraldNet Newsletters  Newsletters: Sign up | Manage  Green editions icon Green editions

Calendar


Sports headlines
HeraldNet Newsletter Delivered to your inbox each week.
Published: Saturday, March 23, 2013, 5:37 p.m.

Sacramento mayor announces preliminary arena deal

SACRAMENTO, Calif. — Sacramento Mayor Kevin Johnson says his city has reached a preliminary agreement for a new downtown arena with an investment group that hopes to keep the Kings from moving to Seattle.
Johnson announced the agreement Saturday on his Twitter account. He said the group includes Silicon Valley software tycoon Vivek Ranadive, 24 Hour Fitness founder Mark Mastrov and billionaire Ron Burkle.
The City Council is planning to vote on the non-binding term sheet Tuesday.
The city plans to contribute about $258 million to the $448 million project by leasing out parking garages and land. Johnson said the deal will avoids new taxes and ensure a net impact to the city's general fund.
Sacramento is hoping to block a bid by a Seattle group that has a pending purchase agreement to buy the Kings from the Maloof family and move the team. The NBA Board of Governors is expected to make a decision by mid-April.
Story tags » NBA

Share your comments: Log in using your HeraldNet account or your Facebook, Twitter or Disqus profile. Comments that violate the rules are subject to removal. Please see our terms of use. Please note that you must verify your email address for your comments to appear.

You are logged in using your HeraldNet ID. Click here to update your profile. | Log out.

Our new comment system is not supported in IE 7. Please upgrade your browser here.

comments powered by Disqus
digital subscription promo

Subscribe now

Unlimited digital access starting at 99 cents, or included with any print subscription.