Kings owners balk at paying costs for planning Sacramento arena

[Glenn]

Thats kinda how I see it too Section 101.

Maloofs are just coming off as spoiled petulant children. They want us to buy them a fancy new arena, and when we dont... "Waah wahh!! We're gonna move to Anahiem then!"

Seems like Stern is being firm about the Kings staying in Sac though (Thanks KJ!), crazy that Stern is the good guy. I just hope that this nonsense is the death throes of the Maloofs ownership and that when the dust settles, the Kings are in Sac with Burkle as owner.

I tend to think they are more desparately poor (relatively) than spoiled children but then you might be right at least concerning George. The youngsters grew up with a father who put together the business that made all the money. They have not experienced being "poor" or at least having so little money that they had to worry from paycheck to paycheck. They thought you could just invest in whatever they liked and they would, make money. Ooops!

I wonder what Mama Maloof thinks of all this.

We have earned Stern's backing in a way that is almost unprecedented in the history of professional sports in this country. What other city and fans have done what we have done? Even our reputation of being crazed cow bell clanging DECENT country bumpkins is working for us. We had a perfect storm of factors work in our favor and now if we are REALLY lucky, George may screw up the family's reputation with the NBA, which means all the other owners and their leader who has marketed the NBA based on reputation as much as anything, and force a sale. George must be about ready to sell although I doubt very much this is the attitude of Gavin and Joe.

I don't care who owns the team if they understand it may be a play toy that could lose money to be successful. When the Maloofs first came here, they were exactly the kind of owners we wanted. Then the economy took a huge swing at them and knocked them out.

 

[The Hammer]

I wonder if Burkle's interest would still be at the same level as last year given that Kings are now "merely" a tenant of the arena. I imagine he would've wanted to have some of the arena ownership/management pie.

I highly doubt that, but if it makes him feel better, I'm sure the city would be willing to negotiate something if wanted to pony up some cash. Some way to reduce the risk to the city (not that there is much right now).

I think his main goal in owning the team is (as most uber wealthy) is as a showpiece to raise his profile and to wine and dine politicians, etc. in the capital of the 8th largest economy in the world. We know he is very active in the democratic party. But of course, since he's a good business man, he'll end up making it profitable in the meantime. But really I think it's more about prestige for him. He runs in very influential circles.

I think he'd be happy to sit right into the deal on the table. But hey, the city could always sell him a slice at some point.

 

[Jose]

SI.com: Bottom line, how concerned should your fans in Sacramento be?
Maloof: Not concerned. Not concerned. We're committed to this process. If it doesn't work, it doesn't work, but we're fully committed to try to get it done. There's no other backup plan that we have right now. We're just focused on this. It's enough to focus on. Trust me.

Read more: http://sportsillustrated.cnn.com/2012/writers/sam_amick/03/31/kings.arena1/index.html#ixzz1qfk0NZET

"Trust me"

Hah!!

 

[Larry David]

Someone more skilled at photoshop needs to find a photo of George and put, "Would you buy a used car from this man?" below.

The other photo I'm looking for but can't find is and old Kings season ticket holder magazine. Fanfare? Gametime? When the Maloofs became the majority owners, they put themselves on the cover with the title "Steward of the Kings." Based upon the last 4 years, that's more than a little sad and funny at the same time. Like any good steward, you've got to know when to let go. Does anybody else remember that?

 

[JB_kings]

Here you go, but I like it without the photoshop.

 

[Kingsguy881]

Tenants that are going to be making money damn sure better pony up something.

 

[JB_kings]

You can read the NBA's letter of agreement to advance $200,000 to keep things on schedule until April 17th. http://sacramento.granicus.com/MetaViewer.php?meta_id=381789&view=&showpdf=1

I'm no expert, but I don't see the NBA doing this unless they have a pretty good idea on how this is going to be handled. They basically say they accept the risk of the deal PFA falling apart. Which might mean they feel pretty sure they will have their George problem solved or that they intend to pay the full share for the team after the BOG meeting.

 

[Section 101]

You can read the NBA's letter of agreement to advance $200,000 to keep things on schedule until April 17th. http://sacramento.granicus.com/MetaViewer.php?meta_id=381789&view=&showpdf=1

I'm no expert, but I don't see the NBA doing this unless they have a pretty good idea on how this is going to be handled. They basically say they accept the risk of the deal PFA falling apart. Which might mean they feel pretty sure they will have their George problem solved or that they intend to pay the full share for the team after the BOG meeting.

Rumor is Stern is going to ask the BOG to cover the entire share. At that point the NBA has once again taken control over the Kings. The Maloofs control is dwindling fast.

 

[Kingsguy881]

Rumor is Stern is going to ask the BOG to cover the entire share. At that point the NBA has once again taken control over the Kings. The Maloofs control is dwindling fast.

Pretty soon the Mafools will own less than a 2% share of the Kings also. Idiots. Thats what they get for having George as a brother. Forrest Gump would do a better job than that fool.

 

[Larry David]

Pretty soon the Mafools will own less than a 2% share of the Kings also. Idiots. Thats what they get for having George as a brother. Forrest Gump would do a better job than that fool.

2% of the Kings and 3% of the Palms, with nothing else left other than the Wells Fargo stock.

 

[PurpleHaze]

2% of the Kings and 3% of the Palms, with nothing else left other than the Wells Fargo stock.

They've built it up over many years and the stock has split numerous times during their holding. As one of the largest private holders of WFB shares I think they have some 5 million shares worth about $250M. I guess you can throw in ownership of Arco and land around it but it's hard to see a lot of liquidity. Except for the Kings which of course is only money in the bank if they ever sell.

 

[Warhawk]

Rumor is Stern is going to ask the BOG to cover the entire share. At that point the NBA has once again taken control over the Kings. The Maloofs control is dwindling fast.

Interesting. Any sources for that?

 

[JB_kings]

Rumor is Stern is going to ask the BOG to cover the entire share. At that point the NBA has once again taken control over the Kings. The Maloofs control is dwindling fast.

I can understand the move to cover the pre-dev costs. I think that is likely step to keep the arena project moving. All the evidence I've seen shows me that the NBA is committed to the market here and supports the city and it's efforts at getting the arena going.

It's how or what does the NBA plan to do about their "Maloof" problem? Have the Maloofs missed payments on their line of credit? I've never seen Stern get rid of an owner who didn't want to sell. If the NBA covers this, what is to stop George from going back on other terms of the deal?

 

[Section 101]

Interesting. Any sources for that?

http://www.sacbee.com/2012/04/03/4386293/sacramento-city-council-faces.html

Stern has put a lot of time into this over the years. He stepped in at the meetings and put the $200k up already. Next logical step is the NBA to cover the entire amount for the Maloofs part.

 

[The Hammer]

http://www.sacbee.com/2012/04/03/4386293/sacramento-city-council-faces.html

Stern has put a lot of time into this over the years. He stepped in at the meetings and put the $200k up already. Next logical step is the NBA to cover the entire amount for the Maloofs part.

Thing is, since Stern himself was personally involved in the negotiations, meaning he was at the table, this last move by George claiming that he has "always said they'd never pay the pre-dev costs" is essentially calling Stern a liar and accusing him of negotiating in bad faith.

When a group comes out of several days of intense meetings to a celebratory press conference, then trots out to center court with KJ with arms raised, the signal is that everybody DID agree on the terms AGREED UPON.

George is essentially saying that Stern and KJ are tying to pull one over on him. I don't think Stern likes having his reputation sullied like that, and I fully expect him to strike back with force. George just poked the bear.

 

[The Hammer]

http://www.sacbee.com/2012/04/03/4386293/sacramento-city-council-faces.html

Stern has put a lot of time into this over the years. He stepped in at the meetings and put the $200k up already. Next logical step is the NBA to cover the entire amount for the Maloofs part.

Still, 101, what are your sources for the "rumors", other than you personally speculating? You just threw out some major ****. Back it up.

 

[Larry David]

http://blogs.sacbee.com/city-beat/2...-mayor-johnson-lashes-out-at-the-maloofs.html

And now it's on. KJ calls the Maloofs out. Also see attached letter from Maloof lawyer, who says the team has "tremendous concern" that the city's plan is "a futile endeavor."

George and other Maloofs are making a fake impasse to slow the deal down. At the same time, they've got lawyers telling the city, we don't have a final deal and you don't have enough time, so this probably isn't going to happen.

Really looks like the Maloofs want to stay here.

 

[Section 101]

Still, 101, what are your sources for the "rumors", other than you personally speculating? You just threw out some major ****. Back it up.

There have been some tweets about it. Also, Burkle's name being dropped again.

 

[Kingsguy881]

http://blogs.sacbee.com/city-beat/2...-mayor-johnson-lashes-out-at-the-maloofs.html

And now it's on. KJ calls the Maloofs out. Also see attached letter from Maloof lawyer, who says the team has "tremendous concern" that the city's plan is "a futile endeavor."

George and other Maloofs are making a fake impasse to slow the deal down. At the same time, they've got lawyers telling the city, we don't have a final deal and you don't have enough time, so this probably isn't going to happen.

Really looks like the Maloofs want to stay here.

Indeed. Maloofs have been blowing smoke this whole time since the NBA forced them, yes I said FORCED THEM, to stay here. They don't want to be here, and George is the driving force behind it. Smile in your face, stab you in the back. They won't be the owners when the new arena opens, and it WILL open. George Maloof has poured gasoline on this whole thing, Stern and KJ have the match to burn their asses.

 

[Larry David]

It’s amazing how the Maloofs allowed KJ to kick their buts.

If the Maloofs put together a good proposal in April 2011 to the Board of governors, the team is probably gone already. But they dropped the ball and KJ kicked their behinds to force overtime.

The Maloofs were forced to stay another year and required to sit down with the city and try to make a deal. Based upon their actions over the past week, it’s becoming clear they might not have believed the city could follow through and thought they could still back out by blowing things up. In Orlando, with Bennett and Stern watching over the Maloofs, KJ put together a sweet offer and it looks like Joe and Gavin took it, because they really want to own an NBA team. And then KJ got the deal passed through counsel.

It’s clear that the winds have shifted with the Maloofs, most likely with George winning over a majority of his family’s votes behind the scenes. They could not be backing away from this faster. At first, I thought they were just engaging in open ended bargaining. Now, I think they just want out ASAP. They are having second thoughts on the deal, they’ve already put this city in their rearview mirror, and they aren’t sure Sacramento can finance this thing and. They want the city counsel or the initiative to kill this thing off so they can leave town and blame the other side. It’s like being horrible to somebody to get them to break up with you.

But KJ is too smart for that. He’s going directly to Stern.

The Maloofs are in a bind. How can the NBA allow them to move right after the city voted to fund 2/3 of an arena? Plus, they are already taking deposits on next season.

At this point, the team has to stay and negotiate in good faith for another 11 months or until the city’s plan falls apart. They will get that warning from the other owners. And because they already agreed to framework of the big ticket issues, the Maloofs can only stop or derail this deal by taking unreasonable positions on most minor points.

The Maloofs have destroyed most of their leverage in Orlando at the all star game. They can either be pushed into a Sacramento deal by the league or destroy what’s left of their fan base here, kiss the 2015 open date goodbye with no penalty to the city, and risk the franchise being taken away after repeatedly acting unreasonable to a city that wanted to make a deal..

Yet another smart person that took advantage of the Maloofs. They weren’t prepared or smart enough to take the team away in April 2011 or March 2012. They still might get to leave, but they don’t control that decision any more. It’s up a petition drive and whether the parking RFP pans out.

 

[JB_kings]

The Maloofs are acting like they are ready to move without the NBA's blessing and fight their battle in court. I thought the NBA took some steps to prevent another Donald Sterling move to LA in 1984 again?

 

[The Hammer]

There have been some tweets about it. Also, Burkle's name being dropped again.

By?

Again... on this site we source.

Maybe your laziness will be absolved by time and the actions of others. Still, lazy.

 

[PurpleHaze]

Wonder how company man Napear is going to wiggle and dance around this one? He's on in few minutes for his talk show.

 

[Section 101]

By?

Again... on this site we source.

Maybe your laziness will be absolved by time and the actions of others. Still, lazy.

Rob Mcallister, Ryan Lillis, Crandell etc. The Sacramento media people. If you have an HTC phone it has an app that combines twitter, facebook, etc into one feed.

 

[The Hammer]

Rob Mcallister, Ryan Lillis, Crandell etc. The Sacramento media people. If you have an HTC phone it has an app that combines twitter, facebook, etc into one feed.

By source I mean link. But wait, let me go drive to the nearest store so I can buy an HTC phone so I can get that app you're talking about. FAIL.

 

[Capt. Factorial]

http://blogs.sacbee.com/city-beat/2...-mayor-johnson-lashes-out-at-the-maloofs.html

And now it's on. KJ calls the Maloofs out. Also see attached letter from Maloof lawyer, who says the team has "tremendous concern" that the city's plan is "a futile endeavor."

George and other Maloofs are making a fake impasse to slow the deal down. At the same time, they've got lawyers telling the city, we don't have a final deal and you don't have enough time, so this probably isn't going to happen.

Really looks like the Maloofs want to stay here.

Reading the letter in there, it's hard not to come to the conclusion that we are in serious trouble. The Maloofs have lied to the city, have lied to the NBA, and have lied to our faces about wanting to stay in Sacramento. Period. There is no other way to put it. They are 100% absolute flat-out liars, and they want to force a move.

Either the NBA steps in and rescues us by putting a big, big foot down and forcing the sale of the Kings (either directly, which seems unlikely, or indirectly by making 100% clear that there is not and under the current ownership never will be a majority vote to allow the Kings to move) or the Kings are gone. Those are the only options.

I really don't think there's anything the city can do at this point. The city has done everything they could to keep the team and to get an arena built, and every time, "negotiations" with the Maloofs have turned into sabotage. There is absolutely no question in mind that the Maloofs will not own a team in Sacramento very much longer. The only question is whether they will succeed in taking the Kings with them.

(Vulgar description of exactly what the Maloofs can do to themselves barely omitted. Barely.)

 

[Section 101]

By source I mean link. But wait, let me go drive to the nearest store so I can buy an HTC phone so I can get that app you're talking about. FAIL.

I don't have access to twitter here for the links.

 

[Kingsguy881]

By source I mean link. But wait, let me go drive to the nearest store so I can buy an HTC phone so I can get that app you're talking about. FAIL.

Don't you think you're being kind of a Richard? I get twitter feeds to my phone and post on this forum on my phone, and while there is a way to copy and paste links it can be quite cumbersome and pretty much too much of a bother to even do it. Besides, 101 only fabricates things when he posts about liking Tyreke.

 

[The Hammer]

Don't you think you're being kind of a Richard? I get twitter feeds to my phone and post on this forum on my phone, and while there is a way to copy and paste links it can be quite cumbersome and pretty much too much of a bother to even do it. Besides, 101 only fabricates things when he posts about liking Tyreke.

Ok you saved yourself there with that last line.

I was referring less to the stuff about KJ/Maloof statements and more to him claiming that Stern has a plan in place to take over the Kings. I'll scan me some twitter now to verify what that was all about.

But no, I've never seen you do anything on the magnitude of just saying "Stern's going to take over the Kings after fronting all their pre-development costs!!!" and then not give any actual sources. Posting links to claims like that is standard practice here so no, I'm not being a Richard.

 

[pupsingh]

im listening to grant right now and he just called George Maloof a genius for his role in the Palms. am i losing my mind?