Is Sacramento again in danger of losing the Kings?

[Mike0476]

But that's not what happened in Orlando. The $480 million Amway Center, where the Orlando Magic play, opened this season. It is owned by the city and operated by Orlando Venues, not the Magic.

The team confirmed to USA TODAY Sports that it did contribute to pre-development costs but wouldn't reveal the amount.

http://www.usatoday.com/sports/bask...gain-in-danger-of-losing-the-Kings/53996288/1

 

[The Hammer]

Even stronger comments from KJ. He must feel he has very strong evidence that the BOG will back him up on. Comes right out and makes an adversarial statement about the Maloofs and says we (city, NBA, etc.) will win. Subtle, but not at all.

Interesting note about the Amway Center. That certainly is not a point in George's favor. Looks like we're in for another rumble in the jungle at a BOG meeting....

 

[Kingsguy881]

'Hi George. Let me introduce you to Ron Burkle. Yeah, he wants the team. Naw, he doesn't have a problem with pre-development costs. Yeah, it was nice knowing you too, George'.........'Yeah, f- that guy Ron. Glad to have you on board. The people of Sac already love you!'

 

[JB_kings]

Even stronger comments from KJ. He must feel he has very strong evidence that the BOG will back him up on. Comes right out and makes an adversarial statement about the Maloofs and says we (city, NBA, etc.) will win. Subtle, but not at all.

Interesting note about the Amway Center. That certainly is not a point in George's favor. Looks like we're in for another rumble in the jungle at a BOG meeting....

The NBA negotiated the deal! Since last year and to a large extent since the Q&R fiasco, the NBA has been the lead party representing the Kings in all arena talks. The end result was the weekend in Orlando where they agreed on the framework. The time comes for the first checks to be written and the Maloofs try and steer this into the ditch. This isn't an fight between the city/KJ and the Maloofs, it is a fight between the NBA and the Maloofs. The Maloofs made David Stern and the NBA look bad.

 

[gatoradeSD]

I dont know that much about the ownership and Ron Burkle and whoever else would want to buy them but if the maloofs say they arent paying it is it possible that someone else could buy them and they could still build and arena here? but dont the maloofs have the last say? it seems like they would move to LA before selling them right?

 

[Section 101]

I dont know that much about the ownership and Ron Burkle and whoever else would want to buy them but if the maloofs say they arent paying it is it possible that someone else could buy them and they could still build and arena here? but dont the maloofs have the last say? it seems like they would move to LA before selling them right?

If they don't have the $73 mil for the arena how are they going to pay the city bonds back $70 mil plus relocation fee of estimated $150 mil? It appears the only way they can get a loan is via Henry Samueli. Why would the NBA allow them to go $320 mil in debt (reports are they owe the nba $100 mil too)?

 

[LWP777]

I wish these spoiled brats who have never created anything in their lives, but rather only destroyed them, would just suck it up and sell the team to Burke. They'd probably have a couple hundred million left over and they can go be playboys the rest of their lives.

*Edited by Warhawk*

 

[KingsFanatic]

This is so frustrating. Only a few weeks ago we were all on cloud 9 about the new arena and the way that the news was presented to us, leading us to believe that an arena would FOR SURE be built. Now all I hear is doubts that this will even be able to be done. Not all the doubts are direct, but if you read between the lines, they are there... I think it's better for me to just believe that the deal won't get done, that way I won't be as devastated and hearbrorken later if it doesn't happen. It's taken me from completely confident and happy to doubting and depressed.

 

[mr. moustache]

They'd probably have a couple hundred million left over and they can go be playboys the rest of their lives.

*Edited by Warhawk*

More like a hundred dollars. The NBA and the City of Sacramento own more of the Kings as creditors than the Maloofs do.

 

[BMiller52]

This is so frustrating. Only a few weeks ago we were all on cloud 9 about the new arena and the way that the news was presented to us, leading us to believe that an arena would FOR SURE be built. Now all I hear is doubts that this will even be able to be done. Not all the doubts are direct, but if you read between the lines, they are there... I think it's better for me to just believe that the deal won't get done, that way I won't be as devastated and hearbrorken later if it doesn't happen. It's taken me from completely confident and happy to doubting and depressed.

I don't really agree. We all pretty much knew this wasn't going to be easy. The biggest thing is the funding is still there, the NBA still supports Sac, the Maloofs are still poor, etc. It's pretty evident that when they agreed to the term sheet they were just puting on a happy face, not actually being genuine. But they're still broke and the NBA still supports Sac, so hopefully they are forced to sell.

 

[Brac-o-matic]

I don't really agree. We all pretty much knew this wasn't going to be easy. The biggest thing is the funding is still there, the NBA still supports Sac, the Maloofs are still poor, etc. It's pretty evident that when they agreed to the term sheet they were just puting on a happy face, not actually being genuine. But they're still broke and the NBA still supports Sac, so hopefully they are forced to sell.

Exactly. After ten years of Sacramento dropping the ball on getting an arena going, the city is finally on board, and keeping their commitment. We can't be punished if the Maloofs can't keep their commitment. I hope.

 

[The Hammer]

More like a hundred dollars. The NBA and the City of Sacramento own more of the Kings as creditors than the Maloofs do.

Yeah but a creditor must abide by the terms of loan. Creditor can't simply take ownership of something if they are making payments. Therein lies the problem. I for one am very curious to see how Stern navigates this one. The answers may lie buried in the minutiae of the franchise agreement between Maloofs and NBA.

 

[BMiller52]

Yeah but a creditor must abide by the terms of loan. Creditor can't simply take ownership of something if they are making payments. Therein lies the problem. I for one am very curious to see how Stern navigates this one. The answers may lie buried in the minutiae of the franchise agreement between Maloofs and NBA.

Yeah but they agreed to the terms in the term sheet and a verbal contract is just as valid as a written one. So I think they should be stuck paying the pre-dev costs in this case. But yeah, taking control of the team could be complicated. I hope they can do it similar to how Selig took control of the Dodgers, but that would require the Maloofs not being able to make payroll and I don't think they're THAT stupid unfortunately.

 

[The Hammer]

Yeah but they agreed to the terms in the term sheet and a verbal contract is just as valid as a written one. So I think they should be stuck paying the pre-dev costs in this case. But yeah, taking control of the team could be complicated. I hope they can do it similar to how Selig took control of the Dodgers, but that would require the Maloofs not being able to make payroll and I don't think they're THAT stupid unfortunately.

Seems as though they may have to be strong armed through this whole process. Yeah they can be forced to pay the pre dev costs, but there are going to be lots of other ways they can slow the process down and create roadblocks... however, they may have blown their cover with this last stunt. They may have virtually guaranteed that it gets done on time and under terms dictated by the NBA. After all, let's remember that it really was the NBA that has negotiated on their behalf up to this point.