Bee: Las Vegas' NBA future remains on hold

[VF21]

http://www.sacbee.com/kings/story/455876.html

Las Vegas' NBA future remains on hold
Associated Press
Published 12:33 pm PDT Friday, October 26, 2007

LAS VEGAS -- The future of a professional basketball franchise in southern Nevada remained on hold after the NBA Board of Governors decided to continue monitoring developments on a new arena.

NBA commissioner David Stern on Thursday cited a report by a seven-member owners committee that said an NBA-quality arena would enhance Las Vegas' chances.

But Stern added there were no immediate plans for a new franchise in the league, and he didn't promise Las Vegas would be first in line for a team.

"The report was generally positive," Stern said at a news conference in New York City. "We looked at various arena sites, there are several prospective owners for a Las Vegas franchise, and we're talking to a lot of people."

The committee was formed in April after Las Vegas Mayor Oscar Goodman submitted a proposal seeking an NBA franchise for Las Vegas without saying he would ask casino sports books to take NBA games off betting boards.

Stern remains uncomfortable with that position, but the committee did not ask Goodman to reconsider his stance.

Goodman called the report encouraging.

"There's no arena yet, so there's no way the NBA would commit (to Las Vegas)," said the mayor, who has long pushed for an NBA franchise in Las Vegas. "(Stern) speaks so glowingly of our city. I believe one day we'll have a (NBA) team."

Two arena projects are being discussed, but neither has begun construction.

A $500 million, 20,000-seat arena is slated for a June 2008 groundbreaking behind Bally's hotel-casino on the Las Vegas Strip. It would be built by Anschutz Entertainment Group with private financing, and could open by September 2010.

Michigan-based REI Neon LLC is proposing a downtown arena as part of a multi-billion-dollar casino and hotel development that may seek tax rebates. No plans have been made public, although REI officials have said they hoped to have the arena open in 2010.

 

[Arena Skeptic]

Now, I can't possibly be the only one who will notice the disconnect between the headline for this article and the actual text of the article.

It's not possible.

The plans are on hold, but...

There are bidders, an active mayor (wakey wakey, Heather Fargo!), and plans for new arenas in time for 2010. Even Stern seems encouraged.

Does that sound like "On hold" to anyone out there? Anyone?

Hello?

How much did the Maloofs pay for the Kings? How much could they sell them for? Let's just say they've made $100 million on appreciation of the asset; if someone was to complain to them, after they've made a $100 million profit, that the team would now leave Sacramento for sure, do you know what their response would be?

My guess: "We no longer own the team, so we were not involved in this decision. Hopefully, someone will do as much for Sacramento in the near future as we did. We wish the new owners all the best."

And, pssst, buddies, it'd be a lot more than $100 million.

 

[kennadog]

They are not going to sell the Kings. At least not any time in the near future, if ever. After having to sell the Rockets after their dad died, it took them too many years to be able to get a team again.

 

[Arena Skeptic]

They are not going to sell the Kings. At least not any time in the near future, if ever. After having to sell the Rockets after their dad died, it took them too many years to be able to get a team again.

Can we agree on at least one point?

I suggest this one: "Wakey wakey, Heather Fargo!"

Nah, really, you'd be quite surprised what $100 million in profits would motivate some people to do. Profit is an excellent motivator. Especially if the choices are:

1) Sell the team; make $100 million

vs.

2) Keep the team; contribute $200 million+ to Cal Expo Arena.

For me, that clarifies things.

 

[VF21]

Now, I can't possibly be the only one who will notice the disconnect between the headline for this article and the actual text of the article.

It's not possible.

The plans are on hold, but...

There are bidders, an active mayor (wakey wakey, Heather Fargo!), and plans for new arenas in time for 2010. Even Stern seems encouraged.

Does that sound like "On hold" to anyone out there? Anyone?

Hello?

How much did the Maloofs pay for the Kings? How much could they sell them for? Let's just say they've made $100 million on appreciation of the asset; if someone was to complain to them, after they've made a $100 million profit, that the team would now leave Sacramento for sure, do you know what their response would be?

My guess: "We no longer own the team, so we were not involved in this decision. Hopefully, someone will do as much for Sacramento in the near future as we did. We wish the new owners all the best."

And, pssst, buddies, it'd be a lot more than $100 million.

FACT: Newspaper reporters do NOT write the headlines for their articles.

 

[VF21]

Can we agree on at least one point?

I suggest this one: "Wakey wakey, Heather Fargo!"

Nah, really, you'd be quite surprised what $100 million in profits would motivate some people to do. Profit is an excellent motivator. Especially if the choices are:

1) Sell the team; make $100 million

vs.

2) Keep the team; contribute $200 million+ to Cal Expo Arena.

For me, that clarifies things.

It's gotten to the point where your comments actually crack me up.

How would you know what motivates millionaires? You're making the BIG assumption - most likely wrong, BTW - that the Maloofs bought the Sacramento Kings to be able to turn around and sell them at some point for a profit. There are NO FACTS whatsoever in evidence to support that allegation.

In fact, the opposite is much easier to support, as kennadog has mentioned above.

I absolutely love how you create meaningless scenarios and act as though they're factual and, in addition, the only possible scenarios... It's a rare and unique gift you have.

 

[Warhawk]

Annoying, but rare and unique.

 

[6th]

Annoying, but rare and unique.

 

[cfechter]

Can we agree on at least one point?

I suggest this one: "Wakey wakey, Heather Fargo!"

Nah, really, you'd be quite surprised what $100 million in profits would motivate some people to do. Profit is an excellent motivator. Especially if the choices are:

1) Sell the team; make $100 million

vs.

2) Keep the team; contribute $200 million+ to Cal Expo Arena.

For me, that clarifies things.

Your financial analysis is quite ignorant - you really have no idea what the FMV of the team is now, or could potentially be in the future, for one - for two, it's more than likely that the $200,000,000 they would contribute to any arena would be funded by year-by-year operations of the team in the form of rent.

I do agree with you that any entrepreneur is motivated by by profit - it's likely that the team would be worth more if they were in a location with a secure arena deal.

I"m actually tired of your comments. No matter what scenario is presented on the boards here, you're against it and will be against it. I think we all understand that. I would suggest that you allow the ones who are for it to banter their ideas without interjecting your well known opinion.