Sacramento Kings $391M Arena Deal Falls Apart

Law360, New York (April 16, 2012, 4:25 PM EDT) -- The long-awaited deal for a proposed $391 million basketball arena in downtown Sacramento, Calif., crumbled over the weekend, with the owners of the Kings backing out after Mayor Kevin Johnson declined to renegotiate the project's term sheet, a representative for the team said Monday.

Aimed at keeping the Kings in their hometown and bringing millions of dollars in revenue to the city, the tentative deal fell apart on the eve of the April 15 deadline for team owners Joe and George Maloof to sign a lease...
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