News from the NBA BOG meeting - April 2012
- Thread starter Warhawk
- Start date
Certainly some interesting revelations from Stern's press conference!
1. NBA fronting $67 million to Maloofs + another $7 million in contribution for the arena deal: Which means the Maloofs don't pay squat for the arena and they still rejected the deal over a few million in predevelopment costs!??? How do you walk away from that deal?! Is there any doubt the Maloofs are broke? Wow
2. Stern still supporting Sacramento, and sound irritated at the Maloofs: words like "entitled" to their actions, and "Ill-grace" of the Maloofs used during press conference
3. Stern said NBA can't do anymore: They're already fronting all the money for this deal...so I have to agree with him here.
4. Great question from a national reporter: What does this failed deal mean for the rest of the NBA cities, where you have a arena deal that is funded 3:1 by city and NBA team owner?
1. NBA fronting $67 million to Maloofs + another $7 million in contribution for the arena deal: Which means the Maloofs don't pay squat for the arena and they still rejected the deal over a few million in predevelopment costs!??? How do you walk away from that deal?! Is there any doubt the Maloofs are broke? Wow
2. Stern still supporting Sacramento, and sound irritated at the Maloofs: words like "entitled" to their actions, and "Ill-grace" of the Maloofs used during press conference
3. Stern said NBA can't do anymore: They're already fronting all the money for this deal...so I have to agree with him here.
4. Great question from a national reporter: What does this failed deal mean for the rest of the NBA cities, where you have a arena deal that is funded 3:1 by city and NBA team owner?
Someone mentioned it already, but it seems to me that the best course of action for the city of Sacramento at this point is to find a way to come up with the extra $73 million and build this arena without the Maloofs. They can continue to play in PBP (which they would have done until 2015 anyway) and if they cry to the city or the NBA for renovation costs, everyone will simply point their finger at the new arena and say "there's your deal, take it or leave it". Even without the NBA, a new downtown arena benefits the city and local businesses. And it's important to remember that we do still have the support of the NBA itself, and a brand new arena is only going to solidify that.
But frankly, even that probably won't change the Maloofs mind at this point. They can't be forced to sell. The only winning hand for Sacramento and the NBA is to bleed them out until they can't take it any longer and have to sell the team. That's going to be a very painful experience for everyone involved though.
But frankly, even that probably won't change the Maloofs mind at this point. They can't be forced to sell. The only winning hand for Sacramento and the NBA is to bleed them out until they can't take it any longer and have to sell the team. That's going to be a very painful experience for everyone involved though.
It's going to be tough to sell a deal to build a new arena without the Kings to the city council...
At this point, we can conclude that the Maloofs are broke and they don't want to stay in Sacramento. How much better can the deal get for them? I mean the NBA was willing to front pretty much ALL the King's portion of the arena deal, and they still balk. A free new arena for them and they still won't agree. This is unheard of.
That's exactly what they got handed to them on a silver platter. The NBA was willing to grant them $67M in credit lines plus a direct transfer of $7M to close the deal as Stern said was part of Orlando term sheet. The Maloofs were to only pay their portion of pre-development fee $3.26M and even that amount appears to be or could be covered by NBA. What jerks!!
OK, I want to highlight some positives from the press conference.
1.) Stern threw the "anti-trust" statement in there to let everyone in the audience know that the Maloofs threatened a law suit if forced out
2.) Stern then said some of his best friends are anti-trust attorney's as big FU to the Maloof's
3.) Stern repeatedly praised Sac and KJ and fans
4.) Stern said KJ went out and raised money/sold tickets. How this is being overlooked is insane to me. The Kings couldn't/wouldn't do it, so the publicly elected mayor did it? Didn't know he was VP of Sales at MSE.
5.) Stern said he has not spent the majority of his career making sure places lile San Antonio, OKC, Utah, Sac, etc. were viable and taken care of to let this just go.
6.) Stern said use "ill-grace" and pointed out the economist had only been introduced to the Maloofs 2 days ago in referring to the press conference. He also stated they can do what they want. But he never said he thought it was a good idea.
7.) He is deferring to the relocation committee because he has to, which is headed by Clay Bennett, who not happy with these shenanigans.
I know I am leaving some stuff out...
1.) Stern threw the "anti-trust" statement in there to let everyone in the audience know that the Maloofs threatened a law suit if forced out
2.) Stern then said some of his best friends are anti-trust attorney's as big FU to the Maloof's
3.) Stern repeatedly praised Sac and KJ and fans
4.) Stern said KJ went out and raised money/sold tickets. How this is being overlooked is insane to me. The Kings couldn't/wouldn't do it, so the publicly elected mayor did it? Didn't know he was VP of Sales at MSE.
5.) Stern said he has not spent the majority of his career making sure places lile San Antonio, OKC, Utah, Sac, etc. were viable and taken care of to let this just go.
6.) Stern said use "ill-grace" and pointed out the economist had only been introduced to the Maloofs 2 days ago in referring to the press conference. He also stated they can do what they want. But he never said he thought it was a good idea.
7.) He is deferring to the relocation committee because he has to, which is headed by Clay Bennett, who not happy with these shenanigans.
I know I am leaving some stuff out...
I am emotionally exhausted after these long months of hardship. We should be proud of how we supported pro basketball for almost 27 years in Sac and have showed the NBA that we are worthy of a team. However when push comes to shove I love my city more than the Kings. True colors often show with a divorce which is essentially what this is and ours are bright as ever. Our city has shown we can "step up" in tough times with a terrible team no less. It's clear to all parties the Kings owners don't have the cash or credit to get this done and now the best case scenario is going to be to build an arena without the present owners and stand our ground.
What got us to this point was showing up to the games last year, even when we thought all was lost. the fans cheered and showed the NBA that we still care. I don't know if that will work now but im kinda swinging from boycotting to showing up and hopefully selling out the place next year and making the maloofs look like fools for leaving sac. How can the NBA desert a place that would support its team to the last day its in town?
Supporting the team isn't going to do anything. The Maloofs are dead set on leaving and nothing will change that. The BoG gave the city one year to consruct a feasible plan for a new ESC. The city held up its end of the bargain, and we're still in the same place we were last year. To me, that speaks volumes. As long as the Maloofs are owners, I hope KJ and the city council cease any future negotiations with the team. The only thing that will keep the Kings in Sacramento is a change of ownership, not fan support or a new arena.
Wow, after all this depressive BOG soap opera my guess is that the Maloof's are burning bridges left and right. They hit Mayor Johnson, the city of Sacramento and the Sacramento Kings fans right in the kisser with a cream pie. The deal is dead. Mayor Johnson in no way can renegotiate which would mean the Maloof's getting a bigger slice of the revenue pie. Renovate ARCO? Yes, maybe a new coat of paint and not this year or maybe not even next year but, they're going to wind up selling the team to Sammy, the billionaire from Anaheim and walk away with several hundred million dollars in their pockets. They'll leave the arena and turn it over to Sacramento to cover their loan. I really hope I'm wrong but I'm running out of hope. And speaking of hope being shattered, I feel sorry for everyone involved who were planning on investing in the downtown Sacramento railyard. Woe be us fans.