Sacramento developer Gregg Lukenbill has sold 5%...
Sacramento developer Gregg Lukenbill has sold 5% of the Sacramento Kings, Arco Arena and about 500 acres of land to partner Joe Benvenuti to finance continued construction of a multipurpose Sacramento sports stadium.
The Sacramento Bee reported that Lukenbill has had a cash shortage because of his goal to bring professional sports to Sacramento. It said Lukenbill is trying to build a $100-million stadium without long-term financing or a tenant to pay the bills.
Lukenbill, the managing general partner of the National Basketball Assn. team, sold the 5% from his 33% holding in the Sacramento Sports Assn. for $5 million and Benvenuti’s assumption of roughly $5 million in debt. He said the sale will give him enough cash to keep stadium construction going for another 30 to 45 days.