A vote that has been built up as a make-or-break for Sacramento’s new arena and entertainment complex has been postponed to give more time to negotiators to close a gap.
The NBA and City of Sacramento have released a joint statement outlining their negotiating schedule.
Mayor Kevin Johnson’s office says the vote on whether or not the city will sell the rights to parking structures, with the money going toward a new arena, has been pulled from next Tuesday’s city council agenda.
The vote will be back on the agenda for the following week, March 6.
City leaders expect AEG, an arena operator, to put up about $50 million into Sacramento’s deal, and were hoping for another $85 million from the Kings and the National Basketball Association. However, during Stern’s interview with TNT, he seemed to imply that AEG’s contribution would be considered the same as the “team’s” contribution.
If that is true, Mayor Johnson’s breakdown of who pays what for the new sports and entertainment complex could come up short.
“Whether it ultimately closes all the gaps, we’ll know as we negotiate continuously, and I fully expect that we will be negotiating in Orlando,” Stern told TNT’s David Aldridge.
However, during a press conference Wednesday afternoon, Mayor Johnson said the City of Sacramento has been working with AEG as both a private investor and as an operator. He says Stern may not have all the information about AEG’s involvement.
“I think we agree that AEG’s contribution is a private contribution, and not associated with the Maloofs,” said Johnson.
Johnson will be meeting with Stern and other team and city representatives this weekend in Orlando during the All-Star game.
According to the Mayor and the NBA, this is their plan:
- 2/22 – 2/25: City officials and City representatives continue to review terms with NBA officials and representatives.
- 2/26: Mayor Kevin Johnson and select City Representatives to meet with Commissioner David Stern and NBA officials, and representatives of the Maloof family in Orlando during the NBA All-Star Weekend.
- 2/27 – 2/29: Final discussions and briefings.
- 3/1: If a plan has been agreed to, publicly announce in form of proposed “Term Sheet”
- 3/1 -3/5: City Council and public review of the Term Sheet
- 3/6: Formally present Term Sheet to the City Council for a vote
The negotiating team from Sacramento includes Mayor Johnson, Council Members Rob Fong and Steve Cohn, City Manager John Shirey, City Attorney Eileen Teichert, and Sports Finance Consultant Dan Barrett.