ANAHEIM, CA (CelebrityAccess MediaWire) — The Anaheim City Council has voted to approve $75 million in privately backed bonds in an attempt to bring the NBA basketball team The Sacramento Kings to the Honda Center for the 2012 basketball season.
According to the Los Angeles Times, the bonds would be backed by three companies owned by Henry Samueli, the Anaheim Ducks' owner and Honda Center operator and would be used to underwrite the team's relocation expenses and fees required by the NBA as well as making improvements to the Honda Center.
City officials noted that no taxpayer money would be required for the bond issuance and that any losses related to their repayment would be the obligation of Mr. Samueli.
"It's a Samueli entity lending money to a Samueli company; the city has no liability and is a conduit," Anaheim Mayor Tom Tait said during the meeting. "I wanted to drive that point home: There's no risk."
The deal still needs to be approved by the 29-member NBA Board of Governors, who have 120 days to make a determination. Insiders told the New York Times that the window for the deal will likely be in mid-June. – CelebrityAccess Staff Writers