By Dale Kasler
dkasler@sacbee.com
http://blogs.sacbee.com/sports/kings/archives/2011/03/anaheim-propose.html
Anaheim officials plan to borrow up to $75 million to lure the Kings from Sacramento, according to city documents released today.
The funds include $25 million for improvements to Anaheim's arena and $50 million for "transition costs," according to a staff report submitted to the Anaheim City Council.
The staff report includes an unsigned 103-page lease between the Honda Center arena and an NBA franchise identified only as "TeamCo." The Kings' owners, the Maloofs, have been in negotiations with businessman Henry Samueli, who runs the arena and owns hockey's Anaheim Ducks, on a potential move.
dkasler@sacbee.com
http://blogs.sacbee.com/sports/kings/archives/2011/03/anaheim-propose.html
Anaheim officials plan to borrow up to $75 million to lure the Kings from Sacramento, according to city documents released today.
The funds include $25 million for improvements to Anaheim's arena and $50 million for "transition costs," according to a staff report submitted to the Anaheim City Council.
The staff report includes an unsigned 103-page lease between the Honda Center arena and an NBA franchise identified only as "TeamCo." The Kings' owners, the Maloofs, have been in negotiations with businessman Henry Samueli, who runs the arena and owns hockey's Anaheim Ducks, on a potential move.
Although the city would borrow the money by issuing bonds, Samueli's organization would repay the debt, the documents say.
Sources have said the Anaheim arena needs upgrades, including an NBA-caliber locker room, before the Kings relocate. The city documents don't spell out the "transition costs," but the NBA generally charges a multimillion-dollar relocation fee before a team is allowed to move. Also, the two Los Angeles teams, the Lakers and Clippers, would likely demand fees from Samueli for placing a team so close to their market.
Sources have said the Anaheim arena needs upgrades, including an NBA-caliber locker room, before the Kings relocate. The city documents don't spell out the "transition costs," but the NBA generally charges a multimillion-dollar relocation fee before a team is allowed to move. Also, the two Los Angeles teams, the Lakers and Clippers, would likely demand fees from Samueli for placing a team so close to their market.
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