Exact details of the deal reached Monday morning have not been released. Reports from various sources in Orlando say the Maloofs will kick in about $73 million to get the construction going on the arena, plus additional funds as the project gets going.
Gavin Maloof, one of the three brothers who own the Sacramento Kings, had positive things to say about Mayor Johnson after Monday’s talks, “this wouldn’t have happened without him.” Gavin Maloof was teary eyed when he walked out of Monday’s negotiations.
Joe and Gavin Maloof were in good spirits Monday morning when the negotiations started, but George Maloof has been quiet about the deal. Last year, when the Maloofs tried to move the Kings to Anaheim, George Maloof was in favor of moving the team.
When Stern agreed to give Sacramento a year to come up with a funding plan for a new arena, he gave the city a March deadline.
The Mayor and other city representatives joined the Maloofs and NBA Commissioner David Stern in Orlando for the All Star Game weekend.
The Mayor has said a deal to sell the city’s rights to parking structures, plus contributions from AEG and the Maloofs could cover the cost of a new arena.
There have been concerns voiced about selling the city’s rights to parking structures in downtown, and the loss of that money. However, the Mayor and other city leaders say building an arena will spur job growth, new business growth and bring people downtown during the week for games.
The new arena is expected to open in 2015.
The Maloofs inherited a debt from the previous Kings owners, and have been making payments on time since the beginning. It is not clear if Monday’s framework would rework that repayment schedule to bond holders.
FOX40 is gathering more information from our crew in Orlando, and will post updates on FOX40.com as they become available.