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Agreement Reached on a Term Sheet for Downtown Arena

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Mayor Kevin Johnson tweeted today that an agreement has been reached between the city of Sacramento and the Burkle/Mastrov/Ranadivé group on an arena term sheet. The arena will cost $448 million with the city putting in $258 million and the private investors contribution $190 million.

Kevin Fippin via City of Sacramento

As expected, the city of Sacramento has come to an agreement with a private equity investment group (headed up by Ron Burkle) to build an arena at the Downtown Plaza. Details are still a bit scarce, but reports indicate that the deal is for a $448 million arena with the city putting in $258 million and the private investors putting in $190 million.

From Mayor Kevin Johnson himself:

Reports indicate that the last day or so of negotiations involved the city and Burkle figuring out a way to protect the city's general fund.

Other reports also indicate that the private investment group will handle the pre-development costs, something that the Maloofs would not. The city council is expected to vote upon the Arena Term Sheet on Tuesday.

We'll continue to update as information comes in. Once the term sheet is officially revealed, we'll post something with all the relevant details. Please feel free to use this thread to discuss the updates.

Also, now would be a great time to buy tickets to Here We Buy Night 2 if you haven't already. There are still plenty of affordable seats left.