Sacramento announces preliminary arena deal Print
Written by Admin   
Saturday, 23 March 2013 19:11
NBA Headline News

 SACRAMENTO, Calif. (AP) - Sacramento city officials reached a preliminary agreement Saturday night for a new downtown arena with an investment group that hopes to keep the Kings from moving to Seattle.
Sacramento Mayor Kevin Johnson first announced the deal on his Twitter account. A few hours later, the city released the details of the non-binding term sheet.
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 agreement Tuesday.
``Once again, we're proving the strength of our market - both as host to an NBA team, but as an emerging region with global potential,'' Johnson said.
The city of Sacramento plans to contribute $258 million to the $447 million project, mostly by leasing out parking garages and land. The other $189 million will come from the investment group.
Johnson said the deal will avoid new taxes and ensure a net impact to the city's general fund.
``This is a monumental project that will redefine the Downtown Plaza and revitalize our urban core,'' City Manager John Shirey said in a statement. ``This project is about providing a regional attraction and creating economic development opportunities that will retain and create thousands of jobs, bring people downtown, increase property and sales tax - all of which will contribute to our city's vitality.''
Sacramento is hoping to block a bid by group that has a pending purchase agreement to buy the Kings from the Maloof family, move the team to Seattle and restore the SuperSonics name. That group, led by hedge-fund manager Chris Hansen and Microsoft Chief Executive Steve Ballmer, has had a deal to acquire a 65 percent stake in the team for $341 million since January.
The NBA Board of Governors is expected to make a decision by mid-April. If league blocks the Seattle deal, the Maloofs would still have to agree to sell to any other group.
 

NBA Team Pages

Top NBA Public Bets

View All: NFL |  NBA |  NCAAF |  NCAAB |  MLB |  NHL

NBA Futures

NBA TEAM NBA FINALS ODDS CURRENT
CLEVELAND CAVALIERS 5/2
SAN ANTONIO SPURS 4/1
CHICAGO BULLS 11/2
OKLAHOMA CITY THUNDER 6/1
LOS ANGELES CLIPPERS 12/1
HOUSTON ROCKETS 16/1
DALLAS MAVERICKS 18/1
GOLDEN STATE WARRIORS 22/1
WASHINGTON WIZARDS 33/1
MIAMI HEAT 40/1
View All

Privacy Policy | Terms of Service | Contact Us | Advertising | 888-99-SPREAD

THIS IS NOT A GAMBLING SITE – If you think you have a gambling problem click here.

Disclaimer: This site is for informational and entertainment purposes only. Individual users are responsible for the laws regarding accessing gambling information from their jurisdictions. Many countries around the world prohibit gambling, please check the laws in your location. Any use of this information that may violate any federal, state, local or international law is strictly prohibited.

Copyright: The information contained on TheSpread.com website is protected by international copyright and may not be reproduced, or redistributed in any way without expressed written consent.

About: TheSpread.com is the largest sports betting news site in the United States. We provide point spread news, odds, statistics and information to over 199 countries around the world each year. Our coverage includes all North American College and Professional Sports as well as entertainment, political and proposition wagering news.

©1999-2013 TheSpread.com