Kings owners pony up, expected to stay in Sacramento

The long-running saga between the Maloofs and the city of Sacramento appears to be ending, with co-owner Gavin Maloof announcing that his family was prepared to put up at least $75 million on a new sports arena. You might recall the negotiations last year about the Kings moving to Anaheim. From the Sacramento Bee:

George Maloof said the $75 million in additional payments, to be made over the course of the deal, will come partially from surcharges on arena tickets. He said the rest will come "definitely from us." Sacramento Mayor Kevin Johnson's initial description of the agreement differed from the Maloofs, in that he said the family would contribute $70 million to the project. He also said the team has made a long-term commitment to Sacramento. "It's game over," he said.

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Mark Lacter
Mark Lacter created the LA Biz Observed blog in 2006. He posted until the day before his death on Nov. 13, 2013.
 
Mark Lacter, business writer and editor was 59
The multi-talented Mark Lacter
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