MX23RW : Thursday, July 19 05:48:04

Sacramento Kings buy site for new arena

The Sacramento Kings complete purchase the of a site for their new arena.

The Sacramento Kings have bought a mall that sits on the site for their planned £270m arena after seven months of negotiations.

According to a report from the Sacramento Bee, the team finalised the deal on Thursday to buy the Downtown Plaza from the San Francisco-based development firm JMA.

The newspaper says that the purchase price wasn't available, but documents filed showed that the Kings had borrowed money from Goldman Sachs Bank in connection with the transaction.

The arena is scheduled for completion in 2016, and will include office towers, a hotel, housing and retail.

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Sacramento Kings head coach Michael Malone signals during the game against Los Angeles Lakers on November 24, 2013
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