Sacramento Mayor Kevin Johnson Reaches Agreement With Investors to Build New Arena, Opening Door for Kings to Stay


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. [tweet align=’center’]

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