ORLANDO, Fla. - A third day of negotiations are underway over a plan to finance a new downtown sports arena in Sacramento.
Mayor Kevin Johnson said this morning "people are going to work as long as it takes" today. Still, the sides have until Thursday to finalize a deal and most indications are that the talks will extend beyond today even if the sides leave Orlando.
"Everyone has a good mindset and is ready to problem solve today," the mayor said.
The "problem" remains bridging the gap between what the city is asking the Maloof family to contribute and what the Kings' owners will agree to. Asked if the sides were moving forward, co-owner Joe Maloof said this morning, "I hope so."
As I reported in today's Bee, the city has asked the Maloofs to contribute between $70 million and $90 million to the deal, according to a source briefed on the negotiations. Most of that - about $60 million - would come in the form of upfront lease payments, while the rest would be through the sale of Maloof-owned land around Power Balance Pavilion.
City officials have also discussed allowing the Maloofs to refinance a loan the Kings franchise has with the city, which could save the family significant cash.
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