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Yet Another Local Group Emerges, Would Build $400 Million Arena on Downtown Plaza Site

The Sacramento Bee reports that a group that includes the recent buyers of the Downtown Plaza wants to buy the team and build a $400 million arena on the site.

Kelley L Cox-USA TODAY Sports

The Sacramento Bee reports that another local group has emerged to buy the Kings and keep them in Sacramento. Not only that, but they also have their own plans to build a $400 million arena on the Downtown Plaza site.

"We make the case to the NBA that we've got the funding," said the source, who insisted on anonymity.

The group is said to include JMA Ventures, an investment group out of San Francisco that bought the Downtown Plaza site last year for what was considered to be a bargain, although the price was not disclosed. Other unnamed investors with deep pockets were mentioned in the Bee's report.

The source tells the Bee that AECOM, the firm that helped design Brooklyn's Barclay's Center has already sketched out designs for the site.

The source, who insisted on anonymity, said AECOM - an architectural and engineering firm that designed the new NBA arena in Brooklyn - has already sketched arena plans for the Downtown Plaza site. "It's actually an ideal location, it can be built more quickly than the railyard," the source said.

AECOM already has operations in Sacramento.

This latest group joins other names in the recent days such as Mark Mastrov and Dale Carlsen, but it's unknown if they're connected or if they are connected to the Mayor's office. Given the fact that this group has their own arena plan, I'd believe them to be separate.

The Maloofs, as usual, have declined comment, but the Bee does say that sources are telling them the family is open to the idea of selling after years of denying it. Sources indicate the Kings are set to lose $7 million this year on the team and are about $200 million in combined debt to the NBA and city of Sacramento.

There has still not been any confirmation about the handshake deal reported yesterday by Matt Steinmetz. That report says the Maloofs have all but signed the papers to sell the team to the Hansen-Ballmer group for $525 million.