Anaheim hopes to royally welcome an NBA team to the Honda Center.
The Anaheim City Council approved $75 million in bonds Tuesday in hopes to lure the Kings from Sacramento. The bonds will be privately backed by three companies associated with the Anaheim Ducks owner.
The City Council passed the financing agreement in an unanimous vote of 5 to 0.
The bonds will not be funded by any taxpayer money. If a venue contract is not struck within 180 days between the Kings and Honda Center the bonds will be rendered ineffective.
In order to finish the deal, a formal application must be submitted to the NBA Board of Governors by Apr. 8, approved by a majority of the Board of Governors 29-member group in 120 days and finalized by NBA owners within 30 days of the approval by the Board of Governors, according to the Los Angeles Times.
The team would probably be renamed the Anaheim Royals.
