Arena timeline: How the deal came together
05/09/2014 8:20 PM
10/01/2014 1:14 PM
Sept 17, 1996: Then-Kings owner Jim Thomas proposes downtown arena to replace Arco Arena, just 8 years old. Plan quickly fades, and Thomas demands city help Kings financially or risk losing team.
Feb. 4, 1997: Under pressure from Thomas, City Council approves $70 million loan to Kings.
Jan. 15, 1999: One year after acquiring minority interest, Maloof family buys out Thomas.
Jan. 31, 2001: In first major speech as mayor, Heather Fargo says it’s time to explore new arena for Kings.
March 28, 2002: Feasibility study funded by Kings, city and Union Pacific says arena at downtown railyard would cost $300 million. Price later grows to $458 million.
Oct. 28, 2003: With city officials already skeptical about funding, Maloofs pull out of railyard talks, saying developer and city lied to them.
July 22, 2004: Downtown Plaza all but ruled out as arena site after mall owner Westfield demands $200 million for property.
Aug. 5, 2004: Downtown plan dies after City Council caps subsidy at $175 million and Kings executives walk out of meeting.
Sept. 3, 2004: Then-Sheriff Lou Blanas proposes building arena with profits from Natomas land developed by Angelo Tsakopoulos. Plan eventually dies after some Natomas landowners refuse to commit.
Nov. 29, 2005: Tsakopoulos unveils similar financing plan, based on land development profits. Idea goes nowhere.
July 20, 2006: In most concrete plan to date, Kings, city, county agree to fund railyard arena with quarter-cent sales tax increase.
Sept. 13, 2006: Maloofs abandon plan in dispute over parking, other issues.
Oct. 16, 2006: Maloofs appear in infamous Carl’s Jr. ad with limo and $6,000 bottle of wine. Three weeks later, voters reject sales tax hike, 80 percent to 20 percent.
Dec. 4, 2006: While in Sacramento, then-NBA Commissioner David Stern hires consultant to craft arena deal.
Feb. 27, 2009: NBA backs Cal Expo as site. As economy tanks, plan fades.
Sept. 22, 2009: After Arco is bypassed by NCAA basketball tournament, Mayor Kevin Johnson warns Kings could leave. He later calls for arena proposals.
Jan. 14, 2010: Choosing from seven proposals, NBA and Kings endorse land swap to move State Fair to Arco site and redevelop Cal Expo to finance arena at railyard.
Sept. 24, 2010: Cal Expo board kills deal by refusing to move fair to Natomas. Days later, Stern says NBA “has ceased its activities” on Sacramento arena.
Feb. 19, 2011: Stern reveals Maloofs trying to move Kings to Anaheim.
May 2, 2011: After Johnson impresses NBA owners with unsolicited purchase offer for team from billionaire Ron Burkle, and promises of corporate support, Maloofs abandon Anaheim. Stern gives Sacramento one last chance to build arena.
Feb. 27, 2012: At NBA All-Star Game in Orlando, Maloofs agree to $387 million railyard arena. City to contribute $255 million.
April 13, 2012: After hinting for weeks they’re unhappy with deal, Maloofs abandon project but insist they’re committed to Sacramento.
Aug. 14, 2012: Struggling Downtown Plaza sells for $22 million, a fraction of earlier asking price, to San Francisco firm.
Aug. 23, 2012: Reports surface that Maloof representatives negotiating to move Kings to Virginia Beach, Va. Deal goes nowhere.
Jan. 9, 2013: Sources confirm Maloofs on verge of selling Kings to group from Seattle. Johnson vows to put together competing ownership group and arena plan for Sacramento.
March 26, 2013: By 7-2 vote, City Council backs $447 million arena at Downtown Plaza. City’s share: $258 million, mainly from borrowing against parking revenue. Investors promise to redevelop area surrounding arena, too.
May 15, 2013: NBA blocks Seattle move, enabling investor Vivek Ranadive to buy Kings from Maloofs. Stern later says Kings could still move if arena isn’t open by 2017. Kings later buy Downtown Plaza.
Aug. 16, 2013: Seattle investor Chris Hansen is unmasked as secret $100,000 donor to petition drive seeking public vote on arena subsidy. He’s fined $50,000 for breaking campaign finance laws.
Jan. 24: City clerk rejects petitions submitted by subsidy foes, saying wording is legally flawed. Arena opponents sue.
Jan. 27: Architect AECOM releases comprehensive arena drawings.
Feb. 26: Judge dismisses lawsuit by arena subsidy opponents.
May 9: Arena deal, now worth $477 million, is finalized and sent to City Council. City’s share is now $255 million.
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