UPDATE 3:09 p.m.: The Sacramento Kings announced Tuesday morning that their new arena will be named Golden 1 Center after the credit union that is headquartered in Sacramento.
With construction sounds of the new arena in the background, Sacramento Mayor Kevin Johnson explained why Golden 1 Credit Union is the naming rights partner for the new arena.
"We looked at companies in Silicon Valley," Johnson said. "We looked at companies up and down the state. We looked at companies around the United States, around the world. I mean literally we wanted the best partner. And, when it came down to it -- it was right here in our own backyard."
Golden 1 is the largest credit union in California. It has more than 720,000 members across the state.
The company will have the naming rights for 20 years.
The new arena is scheduled to open in the fall of 2016.
10:54 a.m. - City and Sacramento Kings officials announced Tuesday that the downtown arena will be named Golden 1 Center.
"We chose Golden 1 because they share our vision for the future of Sacramento, and together, we’ll invest in the community to grow into the next great American city its citizens deserve," Vivek Ranadive, Sacramento Kings owner and chairman, stated in a press release.
Golden 1 is the sixth largest credit union in the nation and has more than 720,000 members across California, according to a statement from the Sacramento Kings.
6 a.m. - The Sacramento Kings will announce the naming rights partner for the downtown arena Tuesday.
The Sacramento Entertainment and Sports Center isn't scheduled to open for more than a year, in the fall of 2016. Tuesday morning's announcement will be made near the arena site at 10 a.m. It's not open to the public, but there will be a live webcast of the event.
Tuesday morning's announcement will be made near the arena site at 10 a.m. It's not open to the public, but there will be a live webcast of the event.
Watch the event's livestream here.
-Capital Public Radio Staff