Arena Builders Warn Against Delay

The developers of the proposed downtown sports arena warned Friday that if City Council approval of the project is delayed beyond September, the Los Angeles Kings are likely to seek a new home outside the county.

That announcement came as the developers confirmed that they have offered to guarantee repayment of all $70 million in bonded indebtedness taken on by the city as its contribution to the project.

But Kings President Tim Leiweke and development company spokesman John Semcken said if the city does not approve the project by the end of next month, or if a ballot initiative requiring voter approval of publicly financed sports projects pushed back their schedule, the proposed arena would be in “deep trouble.”

“We have a saying in the real estate business--time kills all deals,” Semcken said. “It’s especially true with this one.”