Source: Maloof contribution focus of Sacramento arena talks

[nebs]

I love Burkle in lurk mode.

 

[Tetsujin]

I love Burkle in lurk mode.

Ron Lurkle

 

[BMiller52]

Ron Lurkle

lol nice

 

[king4life89]

didnt stern answer a question that was will the nba loan some money i coulda sworn he said "NO"

 

[Glenn]

didnt stern answer a question that was will the nba loan some money i coulda sworn he said "NO"

I think the Maloofs have used up their line of credit. Maybe tomorrow they will discuss the sale to Burkle.

 

[PurpleHaze]

I think the Maloofs have used up their line of credit. Maybe tomorrow they will discuss the sale to Burkle.

Plus, I think their credit score is now really, really low

 

[kupman]

He spoke wrong, he meant that the cost to relocate and pay off the loan is more than contribute to arena. Their contribution estimate at 80 mill vs relo fee of 150 mill+paying off loan of 70 mill.

https://twitter.com/#!/CarmichaelDave/status/173571403478609920

You can also add the annual rent at their new place to the cost of playing in another city. There will be no annual rent here once they pay it all up front.

 

[pdizo916]

You can also add the annual rent at their new place to the cost of playing in another city. There will be no annual rent here once they pay it all up front.

I could be wrong, but from what I read, the Maloofs would pay a lower amount of rent if they put up that 60-80 million dollars upfront.

 

[Livinthedream]

I could be wrong, but from what I read, the Maloofs would pay a lower amount of rent if they put up that 60-80 million dollars upfront.

My understanding is the 80 million upfront would be their lease payment for the next 30 years. No additional payments needed.

 

[PurpleHaze]

My understanding is the 80 million upfront would be their lease payment for the next 30 years. No additional payments needed.

I think that's correct. Considering both Joe and Gavin are around 55 years of age - lease won't need to be renegotiated or renewed until they're around 85

 

[Siranthony]

Sounds pretty sweet. Basically the Maloofs continue paying what they already owe to the city to stay in a new arena except they will no longer own anything (except the Kings). I'm curious what the old arena land is worth. Probably not 77 mil. In the end it equals jobs, revitalization of down town, tax revenue the Kings stay. It should be a winner overall.

 

[king4life89]

So who exactly is this burkle guy?and how intrested is he in buying the team?u guys really think the maloofs will be forced to sell the team?here we stay!!!

 

[Glenn]

So who exactly is this burkle guy?and how intrested is he in buying the team?u guys really think the maloofs will be forced to sell the team?here we stay!!!

Here is a link to info about him: http://en.wikipedia.org/wiki/Ronald_Burkle

I can't remember fact from fiction but I believe he expressed an interest in buying the Kings. He is involved with other companies that will build and/or manage the new arena. If the Maloofs do not have enough money to operate a franchise, and I have seen little that indicates they can afford the Kings, they might sell. They have said they don't want to sell and I believe Stern has said he can't make them sell.

I think most of us believe that it's a darn shame they own the Kings as they turned what once was a bunch of businesses worth a billion dollars into something far, far less. Most of it was because of the downturn in the economy but no one forced them to sell the liquor distributing business that had turned their family into very rich people and build a casino in Las Vegas that eventually was their undoing.

They seem to have a love for the spot light and becoming rich distributing liquor didn't give them the high profile image they seem to need - that is my interpretation.

 

[Tetsujin]

Here is a link to info about him: http://en.wikipedia.org/wiki/Ronald_Burkle

I can't remember fact from fiction but I believe he expressed an interest in buying the Kings. He is involved with other companies that will build and/or manage the new arena. If the Maloofs do not have enough money to operate a franchise, and I have seen little that indicates they can afford the Kings, they might sell. They have said they don't want to sell and I believe Stern has said he can't make them sell.

I think most of us believe that it's a darn shame they own the Kings as they turned what once was a bunch of businesses worth a billion dollars into something far, far less. Most of it was because of the downturn in the economy but no one forced them to sell the liquor distributing business that had turned their family into very rich people and build a casino in Las Vegas that eventually was their undoing.

They seem to have a love for the spot light and becoming rich distributing liquor didn't give them the high profile image they seem to need - that is my interpretation.

To make a long story short, one of the guys who KJ brought in for the arena was friends with Burkle from his democratic fundraising days and also happened to be connected with AEG.