Sacramento Mayor Kevin Johnson is declaring Saturday a win for keeping the Kings.
Johnson took to Twitter to announce he "officially closed out [a] deal" with Ron Burkle, Mark Mastrov and Vivek Ranadive to build a new arena for the Kings at Downtown Plaza Mall.
According to the Sacramento Bee, Johnson says the city of Sacramento has reached a $448 million deal for the new arena with a private investment group, $228 of which will be covered by the city.
Johnson made the announcement in a string of tweets Saturday afternoon:
I’m pleased to announce an agreement with Burkle-Mastrov-Ranadive group on a public-private partnership to build a new ESC at Downtown Plaza Mall. Consistent with our core tenets, the deal avoids new taxes, protects the city on the Kings loan, and ensures no net impact to the general fund. For a comparable investment to the 2012 deal, we've secured more private investment & greater economic development potential at the new site.
The new ownership, historic in its reflection of our city's diversity, will invest up to $1 billion in Sacramento -- a strong sign of confidence in our market. They will also make a 35-year commitment to keep the Sacramento Kings right here where they belong!
Once again, we're proving the strength of our market -- both as host to an NBA team, but as an emerging region with global potential. I'm excited to talk further about the deal with my Council colleagues and the public.