Maloof and City Determining Who Will Pay For New Arena
Kings co-owner Joe Maloof says the team won't pay more than twenty percent for a new arena.
Friday, August 20, 2004
That percentage is less than half what Sacramento city officials expect from the franchise. The city council surprised the Kings on August fifth, voting to cap the city's investment for an arena at one hundred seventy five million dollars. That would limit the total arena price to three hundred fifty million unless other funding sources also contribute. Maloof, speaking publicly for the first time since that vote, said the Kings won't be able to play in Arco Arena for more than five additional seasons. Arco Arena opened in nineteen eighty eight. With thirty suites and three hundred fifty eight club seats, it lacks many of the revenue-generating amenities of newer venues.For the Business Journal, this is Mark Larson