Kings/City Finances

[Section 101]

https://insidesacramento.com/partner-problems/

RE Graswich is a $%#@$%$#%@$%.

He does have some interesting bits in the article, but it's not the Kings fault for what's happening. That goes on the governor. City should sue the state.

Everything worked fine until the pandemic struck and lawyers checked the fine print. Under their agreement with the city, the Kings don’t have to pay full rent if NBA games are canceled or moved elsewhere. In 2015, what were the chances of that?

When the NBA canceled its remaining games in March, the Kings got a rent break. Between the rent break and lower parking revenues, City Treasurer John Colville says the city is about $6.1 million short of the money it needs to pay bondholders on the arena mortgage. That’s $6.1 million for this year. Next year is anyone’s guess.

So $6.1 mil short this year. With no or reduced fans for a 72 game (35 home?) or 50 game (25 home) you can extrapolate out over $25 mil short.

Meantime, the Kings have lost millions of dollars from canceled games and concerts. Staff has been laid off. The Kings still receive a cut of NBA television revenue, which keeps the team afloat, but most NBA owners balance their budgets with playoff income. The Kings haven’t reached the playoffs in 14 years.

 

[Capt. Factorial]

Wow, Graswich whining about a force majeure clause, eh? Gotta love it. An honest headline would read: "Pandemic Hits, Governor Shuts Down State, Silver Shuts Down NBA, Kings To Blame"

Everybody is hurting. Taking sides like this against the Kings, who are by the article's admission following the terms of the contract, just illuminates where Graswich's sympathies lie. I mean, seriously, are we still litigating the arena, years after it was agreed to and built?

 

[KingsFanSince85]

Wow, Graswich whining about a force majeure clause, eh? Gotta love it. An honest headline would read: "Pandemic Hits, Governor Shuts Down State, Silver Shuts Down NBA, Kings To Blame"

Everybody is hurting. Taking sides like this against the Kings, who are by the article's admission following the terms of the contract, just illuminates where Graswich's sympathies lie. I mean, seriously, are we still litigating the arena, years after it was agreed to and built?

The next time Graswich — who I didn’t even know was still a working hack — writes an unbiased, non-agenda piece about the KINGS will be the first time.

I didn’t and will not read his garbage. But it wouldn’t surprise me if he found a way to blame the KINGS for causing the pandemic. This franchise could have become the Spurs of the past 20 years and he’d still have nothing but negatives to spew.

Dude is a complete waste of reading time.