Kings Looking to Build New Arena in Sacramento

By  | 

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.