An Initiative to Create Jobs and Economic Growth across the Sacramento Region
FOR IMMEDIATE RELEASE - March 27,2013
Chris Tapio - 916-444-5428
Mayor Kevin Johnson and Think BIG Celebrate Strong Corporate Support for Kings
In meeting with Mayor, Local Companies Re-Affirm $50M Commitment to Keeping Kings in Sacramento
SACRAMENTO, CA -- Today, Mayor Kevin Johnson met with a group of 25 local companies and organizations who have collectively pledged $50 million in sponsorships for the Sacramento Kings' first five seasons in a new entertainment and sports complex (ESC).
"Once again, our corporate community has come through in the clutch," said Mayor Johnson. "This group -- representing companies across our entire region -- understand the critical role that both the NBA and new downtown entertainment and sports complex will play in promoting job creation, economic growth, and civic pride in our community. I applaud their exceptional leadership and powerful demonstration of just how strong and viable our market is."
The companies represent a diverse cross-section of Sacramento's corporate base, representing a range of industries, sizes, and locations across the Sacramento region.
The $50M in pledges will be a key part of the Mayor's message when he leads a Sacramento delegation to New York to present to the National Basketball Association on April 3. That presentation, expected to be shared before the NBA's Joint Relocation and Advisory Finance Committee, will play a key role in the final decision on the Kings' fate expected by the NBA's Board of Governors during their April 18-19 meetings.
This is the second time that the Sacramento corporate community has stepped up in an effort to save the Sacramento Kings from relocation. In 2011, over 30 businesses stepped forward to pledge $10 million in sponsorships over a two-week period. This show of corporate strength played a critical role in persuading the Kings not to follow through with an effort to relocate to Anaheim. Many of the business that participated in the 2011 effort are once again pledging their support.
Today's announcement comes on the heels of yesterday's successful City Council vote to approve a term sheet for a new entertainment and sports complex at the Downtown Plaza. The City agreed to partner with an investor group led by Ron Burkle, Mark Mastrov, and Vivek Ranadive to build a $448 million facility. The deal is expected to revitalize downtown Sacramento, creating at least 4,000 jobs and $7 billion in economic impact for the region over 30 years.
The pledges made by the companies are contingent upon the Kings franchise remaining in Sacramento under new ownership and the completion of a new ESC. Specific terms of the sponsorship pledges would be finalized following subsequent discussions between the companies and the Kings to ensure optimal value for all parties.
Think BIG is a regional initiative launched in 2011 to facilitate construction of a new entertainment and sports complex that promotes job creation, economic growth, cultural development and civic pride across the greater Sacramento metropolitan area. Think BIG is a project of the Sacramento Public Policy Foundation.
Think BIG Sacramento would like to thank the following organizations for their extraordinary support for the Sacramento Kings, new downtown entertainment and sports complex, and broader Sacramento region:
Bell Brothers Heating and Air Conditioning
Buzz Oates Group of Companies
DBI Beverage Sacramento
El Dorado Hills Town Center
Iron Mechanical/Ayden Group
Markstein Beverage Company
The Sleep Train, Inc.
Western Health Advantage
Zoom Imaging Solutions, Inc.
Special thanks Sharon Gerber from Six Degreez, Warren Smith from Sacramento Professional Soccer, and Jon Bagatelos from Bagatelos Development, for their support in cultivating corporate partners.