Kings arena faces cost overrun of $109 million

Moving to a new home has proven to be extremely expensive for the Sacramento Kings.

With just a month to go before the grand opening of their downtown arena, new cost estimates are significantly higher than previously anticipated, the Sacramento Bee reports.

Estimates have risen $21.7 million in this past month alone, as the latest bill for Golden 1 Center totals $556.6 million. That's up $79 million from when they broke ground in 2014, and it represents an increase of $109 million from their original figure of $447 million when the project was proposed to city officials in 2013.

Arena re-design, downtown renovation, and building a new practice facility has helped inflate costs.

The overruns will come out of the pockets of team ownership. The city of Sacramento approved a subsidy, but wisely capped it at $255 million in the event of additional costs.