And even if that the case and they could have built the arena themselves, I pose a question why the hell should they?!
This is the problem with the thought process of some in Sacramento. Its a top 30 media market, yet it is the only major league town that has not built an arena. Arco was privatly funded and its one of the reasons that it can't be renovated or remodelled. Its the responsibility of the city to build a sports and entertainment complex, not of the owners. The owners by all mean can do it, but why should they?!
Lets look at all the arenas around USA and tell me how many of them were built entirely by the owners of the team?!
Some of them were, but it's not par for the course. In reality, the team uses the facility about 1/3 as much as the community does, in the NBA. In the NFL, it's even less, and it's more in MLB. But the community benefits from the arena and the development, and they use it as much as they possibly can. This is what a lot of even die-hard sports fans don't realize. To insist that a team build the arena without help from the community is unfair and shortsighted.