Not so fast, Seattle. The Kings might not be moving after all.
Sacramento mayor Kevin Johnson announced on Saturday night that the city had come to an agreement with a private investor to build a new arena. According to Sactown Royalty, the arena will cost $448 million, with the city paying $258 million and the private investors putting in the other $190 million.
Most importantly, the deal comes with a pledge of no new taxes to pay for the arena, a big sticking point in negotiations. Johnson was visibly excited in a photo he tweeted out in the wake of the agreement.
With all that said...I'm pumped!! Ron B & I officially closed the deal a few mins ago - maybe this pic says it best! http://t.co/AThMg9sAG9—
Kevin Johnson (@KJ_MayorJohnson) March 23, 2013