Kings Owner Jim Thomas and the Sacramento City Council
agreed to spend the next week in "intense, around-the-clock"
negotiations after Thomas agreed "at least temporarily" to
withdraw his request for $90M in city aid for a new sports
and entertainment complex next to Arco Arena, according to
Gary Delsohn in the SACRAMENTO BEE. Thomas was told at the
meeting that city budget analysts project taxpayers could
lose $12.6M over 20 years if they put up the $90M. In
exchange for the money, the city would begin getting a share
of revenues generated in the new facility. Thomas had said
that he needed to know by Tuesday night if the city would
invest in the Kings, or he would have to accept a "lucrative
offer" to move the Kings to another city. Thomas: "The
hard, cold fact is the economic reality is the Kings cannot
stay in Sacramento unless we have the assistance of this
community" (SACRAMENTO BEE, 1/22). In Sacrament, columnist
R.E. Graswich noted that Thomas "left without any promises.
Sacramento was left hanging, still untaxed by the Kings and
Arco Arena" (SACRAMENTO BEE, 1/22).
