NEW YORK, Nov. 15, 2006 - The NBA announced today that, at the request of the Maloof family, the league office will be directing future efforts with respect to the possibility of a new multi-purpose arena for Sacramento – to be home for the Kings and the Monarchs.

After a ballot proposal for a sales tax increase to help fund a new arena was defeated by the voters, the Maloofs met with NBA Commissioner David Stern and Deputy Commissioner Adam Silver and requested that the NBA assume the lead on the best way for a public/private partnership to develop a new arena for Sacramento.

“The Maloofs have never wavered in their interest in keeping their teams in Sacramento and they have requested that we take a leadership role in helping them achieve that goal,” Stern said.

“We believe that David Stern’s combination of experience and creative thinking will help us find a plan that will work for both the public and the team,” Joe Maloof said. “We will remain an integral part of the process, but the league is going to take the leadership role going forward. Gavin and I and the rest of the management team are going to be spending 100% of our time supporting the Kings and Monarchs and enhancing the experience of our loyal fans and community partners."