The Maloofs, the owners of the Sacramento Kings said the current arena Power Balance Pavillion (which they own) believed a new arena was needed and the citizens of Sacramento should build them a new home. During negotiations, rumors of Maloof greed and excess didn’t warm the publics heart in 2006 and Measure R was soundly defeated.
Six years later and it looks like a done deal. The city will contribute 255 million by leasing city owned parking garages. The Kings agreed in principle to pay 73.25 million up front and with the lease there will be no talk of leaving for at least 30 years. Arena operator AEG agreed to give 59 million and other pieces would complete the rest. With approval from the Sacramento City Council ,construction could begin this year and the new arena would open in 2015.
Let the Hugging and Jumping Begin.
Images of an excited Mayor, Kevin Johnson and the Maloof brothers could be found everywhere in Sacramento. In Orlando, everyone agreed in principle. It also had the blessing of a cynical David Stern, and all was well in the world of professional basketball in Sacramento, California, the nations 20th Largest TV Market.
But that was SO early February……..
In late February,the Maloof’s began exhibiting a bit of cold feet and lapses of memory. The 3.26 contribution agreed on in early February is unfair in late February. Now it looks like they want to know who said what when (the team wants to see all documents and communications between the city and the NBA.
Didn’t we see Joe or Gavin tear up and what about all the hugging ?
There have been questions about the Maloofs portfolio for some time. The sold their holdings and invested them in Las Vegas. The ,economic crisis has hit Vegas hard there are many closed and fenced off casinos all over the city. The family currently owns 2% of the hotel they built. The Playboy club located in one of the casino is closing in June and relocating.
The number one priority of Sacramento’s Mayor and former NBA star Kevin Johnson in the nearly four years as mayor has been the building a new arena downtown for the Sacramento Kings . The questions he and other leaders may face is why didn’t they insist the Maloof’s ( who currently owes the city more than 70 million dollars ) turn over the books. This year the mayor is running for as second term.
Last week, National Basketball Association Commissioner David Stern paid the city 200,000 after the Maloofs refused . The Commissioner has invested many hours in Sacramento, sometimes at the requests of the Maloofs. The NBA sent its marketing team to Sacramento to aid with Marketing after extending the season in Sacramento.
The Maloof”s are purposely slowing the process as an excuse to delay construction on the new arena, allowing the team to move.
The Maloof’s doesn’t have the cash and never did.
The Maloof’s were never genuinely happy in Sacramento and did not believe the arena plan would come together.
Anaheim upped the ante.
When the NBA Board of Governors takes place this week. There will be a come to Jesus meeting for the Maloofs, and while the books may remain closed for the City of Sacramento they will be opened for David Stern. This turn of events has resulted in anger and frustration for all players, currently there are several NBA fires burning, with Sacramento’s burning the longest and he will want this fire extinguished.
If the Maloof’s can’t show the money, they will be forced to sell. Don’t mess with da David.
* Predictions….I last predicted Snooki would become a journalist on 60 minutes