What a difference a few days makes. Just last week, we villainized the Maloof‘s ,the Owners of the Sacramento Kings when they backed out of the Downtown Arena deal at the eleventh hour. Last year they wanted out, Anaheim was calling, but at the NBA board of governors meeting last year, they were smacked down. Ordered to stay in Sacramento another season.
Sacramento had to come up with workable plan for a new arena, failure meant , the Maloof’s were free to leave.
February 28, the family says Sacramento is the place they want to be. April 13, the NBA Commissioner David Stern says arena deal is dead.
The National Basketball Association has several wild fires, with Sacramento burning the longest. They not only agreed to contribute to the building of an arena, they agreed to loan the Kings money and made a payment on the behalf of the Kings, they simply wanted the Sacramento fire extinguished, allowing them to move on to other fires.
The Maloof’s are now Sacramento’s public enemy #1 with a bullet.
Today, they insist, Sacramento is where they want to be. Time will tell.
NBA blog coms: Scott Howard-Cooper writes: Publicly, the Kings say they want to stay in Sacramento and find a new solution, which is what they have to say and which is also partly true. They have to say it because every indication is that the team will call Power Balance Pavilion home for at least 2012-13, and just the uncertainty is bad enough as the business side tries to sell season-ticket packages for next season. But there is also some truth.
If the Maloofs truly wanted to jailbreak Sacramento, they could have been gone years ago, rather than swallowing annual exercises in patience. Only last season did they come close to leaving, when talks with Anaheim got serious. The Kings could have kept their head down the last nine months, put on a show they were interested in staying but rejected every proposal as unfair, and left this summer with Stern holding the door open.
That they pulled the plug this late and this shocking manner is another deep bruise to their image in Sacramento, but it cannot be overlooked that an ownership group in a financial struggle has invested serious money to gather information, design plans and do studies. They didn’t spend that for show.http://hangtime.blogs.nba.com/2012/04/13/sacramento-arena-deal-goes-bad/
However, One local blog , ransackedmedia.com has copies of documents suggesting the Maloof’s began expressing concerns as early as March http://ransackedmedia.com/2012/04/16/just-when-did-the-city-know-the-maloofs-were-worried-about-the-arena-deal/
FUZZY NUMBERS IN A PERFECT WORLD
If a new arena is built is must be downtown!
The City of Sacramento owns land adjacent to Power Balance Pavilion, in the fact, there is enough room to build two more Arena’s without effecting parking at the Natomas location. A location preferred by most Sacramentians.
In the April 16 ,Sacramento Bee(Viewpoints: Decision to kill the arena plan will benefit Sacramento in the long run).Christopher Thornberg a consulting hired by the Maloofs
Here are some of the key point he made:
Officials in Sacramento, California, are furious that the owners of the Kings basketball franchise, the Maloof family, said they are backing out of a handshake deal in February to invest $73 million in a project to build a new arena downtown.
This publicly funded stadium issue has raged in cities across the U.S., including Indianapolis, where the highly subsidized Lucas Oil Stadium was host to this year’s Super Bowl, andMinneapolis, as Minnesota legislators ponder a deal to build a new football stadium for the Vikings.
Economists have long understood that new arenas and sports stadiums rarely bring new economic activity into a city, but merely move entertainment money around the region.
“Economic growth takes place when a community’s resources — people, capital investments and natural resources like land — become more productive,” wrote the economists Roger Nolland Andrew Zimbalist in a still-quoted 1997 Brookings Institution study. “Building a stadium is good for the local economy only if a stadium is the most productive way to make capital investments and use its workers.”