clock menu more-arrow no yes

Filed under:

Reports: City Asking Maloofs For $70-90 Million For Sacramento Arena

New, comments
NEW YORK - JUNE 04:  Joe Maloof talks during the Maloof Money Cup ribbon cutting ceremony on June 4, 2010 at Flushing Meadows Corona Park in the Flushing neighborhood of the Queens borough of New York City.  (Photo by Jared Wickerham/Getty Images)
NEW YORK - JUNE 04: Joe Maloof talks during the Maloof Money Cup ribbon cutting ceremony on June 4, 2010 at Flushing Meadows Corona Park in the Flushing neighborhood of the Queens borough of New York City. (Photo by Jared Wickerham/Getty Images)
Getty Images

City officials led by Mayor Kevin Johnson are in Orlando to negotiate with the NBA and the Maloofs on a term sheet for funding for a new entertainment and sports complex in downtown Sacramento. Ryan Lillis of the Sacramento Bee reported that negotiations began Saturday. He followed that up with a report on the key issue to be resolved: how much the Maloofs will pitch in.

Lillis reports that the city is asking for $70-90 million from the Maloofs, and that sources indicated that the distance between the two sides' current positions is "solvable."

Separately and nearly simultaneously, News10's Nick Monacelli reported the same numbers.

Apparently, the mayor and NBA commissioner David Stern won't negotiate directly until Sunday. Today's session appears to be between city staff and the Maloofs' representatives. Lillis reports that all over major issues with the funding plan have been resolved to the satisfaction of all parties.

A deal needs to be made by March 1. The Sacramento City Council will be voting on that deal on March 6.