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Sacramento, NBA and team officials to discuss new arena financing

February 22, 2012|By Lance Pugmire
  • Sacramento mayor and former NBA player Kevin Johnson in 2008.
Sacramento mayor and former NBA player Kevin Johnson in 2008. (Robert Durrell / Los Angeles…)

Sacramento Mayor Kevin Johnson, NBA Commissioner David Stern and Sacramento Kings ownership are scheduled to gather at All-Star Weekend in Orlando to discuss terms for the financing of a new arena to submit to the city council on March 6.

In a joint news release by Johnson and Stern, the sides expressed confidence about meeting the NBA-imposed March 1 deadline to produce a plan to pay for a new $387-million arena downtown.

"Our approach makes good on the principles that have guided us throughout this process: protecting the taxpayers, creating jobs, and pursuing an open and transparent process," Johnson said in the statement.

Staples Center operator AEG is expected to contribute an estimated $53 million to the arena’s construction, but it remains unclear how willing the Kings’ owners, the Maloof family, are to contribute a reported $85 million to the public-private venture.

Anaheim would like the Kings to relocate south to the Honda Center without such expenses.

"We appreciate the work of the city of Sacramento and our discussions have been constructive," Stern said. "Our hope is that current momentum continues in a way that we’re able to reach a deal by March 1 that makes sense for all parties."

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