The Sacramento Kings got the green light from the NBA today to build their new $477 million arena, setting the stage for preliminary demolition to begin early Friday at Downtown Plaza.
The league’s advisory/finance committee, consisting of 10 team owners, approved the Kings’ loan terms and lease arrangement with the city of Sacramento, Kings president Chris Granger said. With the NBA’s approval in hand, the team expected to close on a loan with Goldman Sachs Group Inc. and have the first installment of its money wired late today or early Thursday.
Granger said work would begin at 5:30 a.m. Friday. He and Mayor Kevin Johnson will greet what’s expected to be an initial wave of 100 construction workers.
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