Sacramento Kings could play in new arena by 2016
By Cory Buck
The Sacramento Kings won’t be changing either part of their name any time soon. After flirting with a move to Seattle, the Kings are here to stay in Sacramento. According to SI, the city of Sacramento approved a financing plan for an arena that will cost just less than half a billion dollars, nearly half of which will be paid for by the city.
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If all goes well, the Kings should be able to open the 2016-17 season in their new digs.
This is great news not just for Sacramento, but for any small market city that has had trouble keeping a professional sports team in town. That coup comes at a price though.
From the report:
"Sacramento will be responsible for a $223 million subsidy under a new 36-year deal, with a majority of it being financed through a parking revenue bond. The city will also pay $21.9 million a year in debt service, which is going to be paid through lease payments from the Kings."
One can criticize mayor Kevin Johnson for letting the city foot such an exorbitant tab, or one can applaud Johnson’s efforts to keep the team and all its economic potential in Sacramento.
It all depends on where you stand on the issue, which has been at the forefront for many who have seen the cost of keeping a pro sports team skyrocket on the city’s end throughout the sporting world.
What isn’t up for debate is the future of the Kings. Their future remains in Sacramento and for native fans of the team who have stuck around since they arrived in 1985, the price is just fine.