Arena Deal in Place!

[rainmaker]

Sam Amick ‏ @sam_amick Close
Kevin Johnson says "framework of an agreement going forward" to keep team in Sacramento. "I want to jump up and down."

Johnson: "It's game over, so our community should be really excited." Maloofs contribute upwards of $70 million. Staffers clapping.

Johnson speaking flanked by David Stern, Maloofs. Joe Maloof now speaking: "It's a great day for Sacramento...Our family is just so excited"

http://www.sactownroyalty.com/2012/2/27/2828377/sacramento-kings-arena-deal-maloofs-kevin-johnson

http://www.kings-nation.com/2012/02/framework-for-arena-deal-in-place.html

Yes!

 

[Uncia03]

Sam Amick ‏ @sam_amick Close
Kevin Johnson says "framework of an agreement going forward" to keep team in Sacramento. "I want to jump up and down."

Johnson: "It's game over, so our community should be really excited." Maloofs contribute upwards of $70 million. Staffers clapping.

Johnson speaking flanked by David Stern, Maloofs. Joe Maloof now speaking: "It's a great day for Sacramento...Our family is just so excited"

Hurray!

 

[PurpleHaze]

New Arena Deal Struck!

Kings fans dancing around the world!!!


http://www.videobash.com/video_show/dancing-all-over-the-world-9219?utm

 

[rainmaker]

Hurray!

Hurray indeed!

 

[Ryan]

Yup, just shed a tear a work. I didn't see this coming.

 

[Rug King]

Yes!

 

[est.1999]

Maloofs forked over $70 million? Is that more or less of what owners usually fork over?

 

[Dime Dropper]

Fantastic news! Now lets just hope the council doesn't do something stupid.

 

[LWP777]

I wonder where the Maloofs are coming up with all this cash? I thought they were broke. Years of spare change under the sofas?

 

[pdxKingsFan]

"Broke" means different things for people of different means.

 

[PurpleHaze]

I wonder where the Maloofs are coming up with all this cash? I thought they were broke. Years of spare change under the sofas?

Maloof family has long had very large Well Fargo Bank stock holding, although with that value slidding in recent years don't know what it's now worth. Obviously, they also own current arena and land around it plus have enough other assets to come up with $75 mil it would seem.

 

[CruzDude]

WOW !. Finally. A new arena will help the team, the town and future recruiting as well. Congrats to the Mayor and the Maloofs.

 

[William Blake]

Great news!

 

[Capt. Factorial]

This is fantastic! I was getting a bit worried about how this would go. Of course, there's still one hurdle left to jump - the City Council vote currently scheduled for 3/6. Never forget that this vote is the true make-or-break moment. (But I'm confident we've got 5 votes!)

I'm ready to see a terms sheet, hopefully in the next few days.

YES!

 

[Rug King]

I read the Maloof's said the money could be financed.

 

[Warhawk]

This is fantastic! I was getting a bit worried about how this would go. Of course, there's still one hurdle left to jump - the City Council vote currently scheduled for 3/6. Never forget that this vote is the true make-or-break moment. (But I'm confident we've got 5 votes!)

I'm ready to see a terms sheet, hopefully in the next few days.

YES!

Agreed. VERY excited to see this. But the CC vote will be the critical step to keep this moving forward.

Like the Captain said, I want to see the term sheet so we can talk specifics. But this is FANTASTIC news for today!

 

[TTown Kings]

Waaaahooooooooo!!!!!

 

[annihilator_33]

Awesome news

 

[Bricklayer]

Agreed. VERY excited to see this. But the CC vote will be the critical step to keep this moving forward.

Like the Captain said, I want to see the term sheet so we can talk specifics. But this is FANTASTIC news for today!

hard to see a group of politicians scuttling amore or less done deal in a high profile vote/meeting. much easier to scuttle earlier through procedural means then now when the deal is made on a national stage and your no vote puts blood on your hands in front of the whole world.

 

[The_Jamal]

Fantastic! Following the Kings just wouldn't be the same if they weren't in Sacto

 

[Spok22]

Kings fans dancing around the world!!!


http://www.videobash.com/video_show/dancing-all-over-the-world-9219?utm

Exactly how im feeling.

 

[Circa_1985_Fan]

Sacramento civic pride is about to get a HUGE shot in the arm!!! YES!!!!!!!!!!!!

P.S.: Could someone please pass our incredible news onto TNT, Reggie & Cheryl Miller, and let C-Webb know his jersey is about to hang in our new palace!!

 

[Capt. Factorial]

hard to see a group of politicians scuttling amore or less done deal in a high profile vote/meeting. much easier to scuttle earlier through procedural means then now when the deal is made on a national stage and your no vote puts blood on your hands in front of the whole world.

True. But it's not over until the shovels are in the ground - shoot, maybe later given the recall/referendum/lawsuit mindset of the opposition.

 

[ReinadelosReys]

Sacramento civic pride is about to get a HUGE shot in the arm!!! YES!!!!!!!!!!!!

P.S.: Could someone please pass our incredible news onto TNT, Reggie & Cheryl Miller, and let C-Webb know his jersey is about to hang in our new palace!!

Sam Amick ‏ @sam_amick

Saw @realchriswebber at airport & showed him vid of Stern et al announcing agreement. Huge smile but didn't want to comment until deal done.

 

[ReinadelosReys]

Kings fans dancing around the world!!!


http://www.videobash.com/video_show/dancing-all-over-the-world-9219?utm

 

[Bricklayer]

 

[kennadog]

True. But it's not over until the shovels are in the ground - shoot, maybe later given the recall/referendum/lawsuit mindset of the opposition.

While I'm really happy today, I'm holding back a little, just because there are hurdles to overcome. I expect there to be a challenge mounted by the opposition. Otherwise...

WOOOHOOOO!

 

[kennadog]

Maloofs forked over $70 million? Is that more or less of what owners usually fork over?

It's actually over $70 million. This was posted in another thread.

http://www.kingsfans.com/forums/sho...s-DEAL-REACHED&p=879572&viewfull=1#post879572

I would suspect the Maloofs will sell the arena and land around it they own. Council member Ashby wants to get redevelopment going at the site as soon as the new arena opens. The city will probably sell the land they own, too, for future development.

 

[Purple Reign]

There is No Way City Council is Going to Vote This Deal Down!!!

NO WAY!! Even Sandy Sheedy could possibly give a yes vote to this deal:

200-250 million - City of Sacramento (No General Fund Money)
75 million - Maloof Family
60 million - Anschutz Entertainment Group

The rest in County Parking, Naming Rights, Cell Phone Tower, City Land Sale


5 Votes - Johnson, Ashby, Cohn, Schiner, R. Fong

Thank You Mayor Kevin Johnson!!!

 

[Gtronic]

Not going to lie....I just shed a tear. I am so happy this is over! I have sooooo much time invested in this team. Losing the kings would have killed.