Sacramento Kings pay city $1.4 million owed from 1997 loan agreementPosted by Inside Hoops
The new Kings ownership made good on a debt last week that was 16 years in the making.
Sacramento city officials announced Friday they had received $1.4 million in deferred development fees from the team that stems from the 1997 loan the Kings took out with the city.
Those fees were originally due last August and will be earmarked for public projects in North Natomas.
Assistant City Manager John Dangberg said the Maloof family, who sold the Kings in May to a group led by Silicon Valley software executive Vivek Ranadive, had inquired last year about paying the fees back over a 10-year period. The fees were later included as part of the sale agreement the Maloofs had to sell the Kings to a group in Seattle.
Reported by Ryan Lillis of the Sacramento Bee