August 22, 2014
A national search is on for someone to develop a new arena for the struggling Sacramento Kings.
National Basketball Association officials on Friday unveiled their vision for a sparkling new basketball arena surrounded by a hotel, townhouses, shops and restaurants at the site of Sacramento's existing fairground known as Cal Expo.
But Cal Expo officials say financing remains uncertain on the
350-acre project. The cost of building a new arena and Expo Center
starts at $500 million.
The owners of the Kings, which has the lowest attendance record
in the league, have been asked to make an undisclosed contribution.
A private developer would have to kick in a substantial amount.
A third revenue source could come from taxes as the value of the
land goes up.
Copyright 2014 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.