Feb. 27 (Bloomberg) -- The city of Sacramento, California, and its only major professional sports team, basketball’s Kings, reached agreement to keep the club from relocating, said owner Gavin Maloof, who called it “the second-greatest moment of my life.”
The Kings will contribute about $73 million up-front and another $73 million over the team’s 30-year lease, he said in a telephone interview from Orlando, Florida, where his family, Sacramento Mayor Kevin Johnson and National Basketball Association Commissioner David Stern were meeting during All-Star weekend to work out the deal that would keep the club from moving.
The new arena, which costs about $400 million, would open in time for the 2015 season, Maloof said. The city will contribute about $250 million, Maloof said without being specific.
“Unbelievable for a public entity in this day and age,” said Maloof, citing the day that he bought the Kings as the greatest moment of his life. “We’re not going anywhere.”
Johnson is a former NBA All-Star.
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