Sacramento officials postponed the May 13 City Council vote on the new downtown arena for the Kings on Saturday, as reported by the Sacramento Bee.
The contract language is reportedly in the final stages and expected to be completed soon. However, both parties had hoped to have it finished already -- two days ago in fact -- but have found the few remaining details a bit strenuous.
With a lucrative $1-million-plus city contract, the city staff had to wrap up the agreement today in order to get it on the May 13 docket for City Council; 10 days in advance. Nevertheless, it is not indicative of a stall or hiccup, as both sides are confident the deal will be completed sooner than later. The meat and potatoes of the agreement were already officially announced two weeks ago, as the Kings agreed to contribute $222 million, with the city putting forth $255 million, for a total of $477 million.
Construction is set to begin this summer, as officials eye a fall 2016 opening in downtown Sacramento. And despite this recent news, the current timetable is not in jeopardy, per city officials. The one kicker? The building must open by 2017, or else the NBA reserves the right to buy the Kings outright and move them out of town.