Sacramento City Council to Discuss Arena Deal
Sacramento’s new plan to finance a downtown sports arena may wind up being vastly different than the deal reached last year between the city and the owners of the Sacramento Kings.
City officials said Monday they aren’t starting from scratch in their quest to develop a financing plan for an arena, but acknowledged in a staff report to the City Council that last year’s plan “and all its detail will likely change in this scenario.”
The City Council will be asked tonight to give top city officials the go-ahead to begin formal arena negotiations with a private investment group interested in buying the Kings and keeping them in Sacramento. The council is also being asked to commit $150,000 to pay consultants and attorneys to represent the city.
At the moment, the council still hasn’t officially been briefed on whom the city will be negotiating with. It’s widely known, however, that Mayor Kevin Johnson has been talking to Southern California billionaire Ron Burkle and 24-Hour Fitness founder Mark Mastrov.