The Kings were saved in Sacramento by Vivek Ranadivé and his ownership group back in 2013, which kept the organization from moving to Seattle. Since then, the Kings have been dedicated to putting a great product on the court (not really happening) and putting it on a brand new court in downtown Sacramento (definitely happening). Their new arena is expected to open for a Paul McCartney concert in early October, before fans get a chance to see it in game night mode for Kings games.
It hasn’t come without cost though and extra cost at that. Originally the Kings’ new Golden 1 Center was supposed to cost an estimated $477 million to construct, but since then the price has increased by $109 million. The Sacramento Bee is reporting the last month alone has seen the estimate rise $21.7 million. The city’s contribution was capped at $255 million, so the ownership group is footing the bill for all of the extra costs, which aren’t a result of poor estimates but more a result of the Kings changing their minds on design aspects in the building process.
Barely a month before opening, the Sacramento Kings continue to pour money into their new downtown arena, bringing the latest estimate of Golden 1 Center’s construction costs to $556.6 million.
The estimate has risen by $21.7 million in just a month, according to a construction consultant’s report submitted to Sacramento city officials late last week. The $556.6 million price represents a more than $79 million increase since the Kings broke ground in October 2014 on what was envisioned as a $477 million project. When the arena was first proposed to city officials in 2013, Kings officials said it would cost $447 million – bringing the total increase in price to around $109 million.
With the city’s subsidy capped at $255 million, all the additional costs are coming out of the pockets of Kings Chairman Vivek Ranadive and the rest of the team’s owners.
Some of the cost has been deciding the practice facility should be downtown, which added another $30 million to the entire operation. Previously, the practice facility and arena were both in Natomas — a suburb outside of the downtown area roughly six miles away. The Kings also reconfigured the lower bowl to add more seats in order to bring more fans closer to the action while being able to charge more lower bowl prices.
The Kings declined comment on the new estimated cost but they have said that the increased costs are due to their choices to bring in a better fan experience and a lot more technology.
Source: CBS Sports / Kings’ new arena reportedly costs 9 million more than originally estimated