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Sacramento Mayor Kevin Johnson announces downtown arena deal
- Updated: March 23, 2013
Sacramento Mayor Kevin Johnson says that the city has come to a preliminary agreement with Burkle-Mastrov-Ranadive group on a public-private partnership to build a new downtown arena in hopes of keeping the Sacramento Kings in Northern California, as announced on his Twitter account.
Costing about $448 million, the new arena would be located at the Downtown Plaza location. The City of Sacramento would cover $258 million of the cost. The ownership group consisting of billionaire Ron Burkle, 24 Hour Fitness founder Mark Mastrov and TIBCO chairman Vivek Ranadive will cover the other $190 million.
According to Johnson, the deal “avoids new taxes, protects the City on the Kings loan, and ensures no net impact to the general fund.” With this new announcement, Sacramento is hoping to block a bid by a Seattle group led by Valiant Capital’s Chris Hansen and Microsoft CEO Steve Ballmer in hopes of keeping the team in California.
In Johnson’s February 28 State of the City address, he named Mastrov the lead investor and head of the arena development effort for keeping the Kings in Sacramento. Ranadive, who is also a part-owner of the Golden State Warriors, recently joined the group as another investor in favor of keeping the Kings away from Seattle.
The term sheet is non-binding and the City Council will vote on this Tuesday.
Follow and interact with Austin Chang on Twitter @_austinchang.
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