New Sacramento NBA arena update: Deal appears to be deadPosted by Inside Hoops
Sacramento’s arena deal appears dead.
NBA Commissioner David Stern told reporters today the sides were “not able to make a deal,” adding “there’s nothing further to be done.”
“It’s not going to happen, but I can say the city has stepped up,” he said. “We have nothing further to give, to cajole, to yell, or all the various ways I’ve tried to keep the parties on track to get what we thought was a win win in Sacramento.”
Stern said the Maloof family and Mayor Kevin Johnson will meet today, but that he is not optimistic that meeting will result in a resolution. He said the Maloofs, concerned that the deal would add to their debt load, had developed second thoughts about the deal framework hammered out in Orlando in February.
Stern said the NBA had wanted the deal to happen, and had gone so far as to commit $7 million league funds and $67 million that the Maloofs could borrow on the NBA’s credit line.
Stern repeatedly complimented the city for its work on putting an arena deal. Of the Maloofs, he simply noted that they had the right as owners to reject the plan.
– Reported by the Sacramento Bee