Earlier this week, an agreement was reached between the city of Sacramento and the NBA to keep the Kings in town and build them a brand-new, state-of-the-art arena. The details of the city's proposal have now been revealed, and USA Today has the report. Here are the important points:
- The arena will open in time for the 2015/16 season, and the Kings have agreed to act as its anchor tenant for 30 years.
- The city will contribute $255.5MM to the construction of the arena, while AEG will kick in $58.75MM and the Maloof brothers will be responsible for $73.25MM. In addition, Sacramento Mayor Kevin Johnson will solicit $3MM in donations for the project.
- A new revenue sharing plan will be implemented distributing profits between the city and AEG.