RookieOfTheDay
Starter
That would eliminate like 25/30 current owners though. I doubt there's even 30 people in the U.S. worth over 2 billion.
OC Article - Personal loan from Samueli
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SacTownKid
Hall of Famer
Gibbons is right though, this isn't about the Maloofs by themselves, as I brought up in the other thread Sac has already pissed off Stern and he strikes me as the type that takes things personally but also as someone who could be massaged into forgiving you should it need to come to that.
Anyway, the rule should be no owner can use their own business failings in other areas as a reason for the devaluing of their franchise and reason for subsequent move.
Also Gibbons, don't forget this is all about NEXT SEASON. Everyone knows if there is no arena there is no team, that point hasn't changed and even if someone like Burkle bought the team or another and moved it to Sac they've made it clear the situation does not change nor is Burkle going to fund an entire arena on his own. The question here is whether or not the team NEEDS to move NEXT season and whether or not new developments show enough promise that it makes sense to delay the move.
That it appears the Maloofs have only one feasible location to move to because of someone with the capital to bail them out and potentially "backdoor" his own way into a team as Brick mentioned is really lucky for Sacramento. They have one shot at this just as much as the Sacramento area does and right now it's appearing they have more going against them than for them, something they clearly did not expect.
They've turned from silent cowards, to cocky bastards, to spoiled children throwing a hissy fit all in the span of one week! Great show if you ask me! hahahaha.
Anyway, the rule should be no owner can use their own business failings in other areas as a reason for the devaluing of their franchise and reason for subsequent move.
Also Gibbons, don't forget this is all about NEXT SEASON. Everyone knows if there is no arena there is no team, that point hasn't changed and even if someone like Burkle bought the team or another and moved it to Sac they've made it clear the situation does not change nor is Burkle going to fund an entire arena on his own. The question here is whether or not the team NEEDS to move NEXT season and whether or not new developments show enough promise that it makes sense to delay the move.
That it appears the Maloofs have only one feasible location to move to because of someone with the capital to bail them out and potentially "backdoor" his own way into a team as Brick mentioned is really lucky for Sacramento. They have one shot at this just as much as the Sacramento area does and right now it's appearing they have more going against them than for them, something they clearly did not expect.
They've turned from silent cowards, to cocky bastards, to spoiled children throwing a hissy fit all in the span of one week! Great show if you ask me! hahahaha.
ParniValjak
All-Star
Doesn't have to be a US owner. The Nets are owned by one of the richest man in the world whose net worth according to Forbes is $18 billion. Larry Ellison is thought to be 5th richest in the world with an estimated net worth of $39.5 billion.
According to this link there are more than 30 billionaires in the USA
Kings Fan Gerard
Bench
I remember a news article which stated that the maloofs said that if they move, they move on their own dime.
To play this out a little more, Samueli would end up with controlling interest of a team already in his neighborhood, without having to appear the bad guy for moving the team / have to deal with the hassle that's being dealt with right now. Also, to play devil's advocate, wouldn't it seem that the Maloofs aren't interested in selling the team to the Sacramento group because they've already "sold" it to Samueli? Kinda seems that way.
KJ and his crew aren't remotely close to done. There's quite a bit of work left here to do.
Aenadin
Starter
I say open the books to Maloof's money trail, since it all sounds to suspicious..and isnt there a relocation fee that the clips and laker owners can jack up??
75 (sacramento)
77 (samueli)
75 (Relocation (can vary))
25 (honda center upgrade)
75 (League)
so thats around 325 mil at least... That is a ton of money to pay in the future.. can't run a good business by paying debts with another debt,
75 (sacramento)
77 (samueli)
75 (Relocation (can vary))
25 (honda center upgrade)
75 (League)
so thats around 325 mil at least... That is a ton of money to pay in the future.. can't run a good business by paying debts with another debt,
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Aenadin
Starter
are you saying that They already loaned and used it on the palms and other non kings related things? cause if the samueli is still just a proposal with out any money being given out it could still be dropped or state that it is not in the best interest of the kings... obviously this is for the maloofs those damn....and if they did make a "secret" deal with samueli into buying the kings that way its kind of a slap to the face to the ICON and KJs effort all this time.. I wouldnt deal with the maloofs if thats the case. these boys dont know how to run business.
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I'm not saying anything really, just playing out the reasons a little further towards the negative. It's certainly plausible that there is/was a "handshake deal" in place. The past few days have shown me that the Maloofs really didn't expect this kind of resistance, and that they seem awfully perturbed for owners who may finally be getting a new arena in a place where fans will absolutely flock to see their team play (Sacramento).
Why would they go to all the trouble, digging themselves deeper into debt, when a viable solution is finally, finally[/] in place? If anything, the announcement by the Maloofs should have read, "we were impressed by what Sacramento has finally been able to get going by pulling their heads out of their ***. We look forward to continued talks" as opposed to "we're leaving, neener neener, and you ain't getting another team. Ever."
But I can also see how the hard line from the Maloofs, and interest by Samueli finally got something going. If that's what it took, I wish they'd have done this years ago.
Overall, though, it doesn't seem right. I call shenanigans.
Aenadin
Starter
the moving to anaheim is another trademark maloof band-aid fix to a bleeding wound they caused... but Im pretty sure owners understand what Burkle can bring to the table better connections and a well funded team, he has a good track record, saving the Pitts. penguins. I'm not calling Burkle a saint or a savior yet, im sure he has his own agendas but Im willing to trust him more than the maloofs these days.. and if that comment about them saying sacramento aint getting another team is true then they are just classless, how long till their palms casino money run out. im just pissed off how two people who are suppose to be businessmen have boneheaded decisions and be so stubborn. unless this is their strategy of having burkle overpay for the kings
if they really care about their image and PR they should know by now that probably they are antagonized by most kings fans and Burkle and KJ as heroes, better save face to the public and do the right thing and SELL.. and stop whining about we want to still be in the NBA bit. they had their chance and they blew it.
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ReinadelosReys
Starter
This may be true, but don't underestimate the relationship between KJ and Stern, or KJ and the NBA in general. He even referenced it himself in his teleconference yesterday, he walked into the meeting already knowing all of the owners and having a relationship with them.
JJ22L
Starter
RR (and others) - I just wanted to give a quick thanks for giving the board-members a place to go (the two BOG threads) for comprehensive (from twitter, tv, etc), real-time updates over the past few days. I work 24/7 and reading your updates has kept me in the loop and relatively sane. Appreciate your efforts!! The initiative taken by board-members over the past several months has been refreshing.
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True, but if they move that amount is due RIGHT NOW and not in payments over time. BIG difference. Unless they get a separate loan to pay off that one first.
It's like my house loan. The monthly payments are tight but we make them. I could NOT pay off the balance NOW unless I got another loan first.
RookieOfTheDay
Starter
I remember that.
Livinthedream
All-Star
What about the other 50 mil in bonds from Anaheim?
Aenadin
Starter
so 375 mil which could scale up to even more??
they spend or lose half or the whole 375 mil and hope that the market and new fanbase picks up?
I dont know if they even scouted the fanbase preference there, mostly laker fans no doubt. and a couple of bandwagon royal fans IF they move. they are going with their gambling instinct of braving the unknown rather than the tried and tested kings fan...
there is no marketability in sacramento is just plain bull... going to a bigger area like anaheim but its already watered down with so many teams good luck with that... they will LOSE money mark it!
they spend or lose half or the whole 375 mil and hope that the market and new fanbase picks up?
I dont know if they even scouted the fanbase preference there, mostly laker fans no doubt. and a couple of bandwagon royal fans IF they move. they are going with their gambling instinct of braving the unknown rather than the tried and tested kings fan...
there is no marketability in sacramento is just plain bull... going to a bigger area like anaheim but its already watered down with so many teams good luck with that... they will LOSE money mark it!
RookieOfTheDay
Starter
And don't forget their current TV deal with Comcast. There's probably a pretty hefty fee for early termination of that.
RookieOfTheDay
Starter
It's not only that they have beaches, Disneyland, a night life, etc. to compete with. There's lots of things for people to do there other than see a basketball game. Because of that I don't think they'd get a ton of support unless they're a great team. It could very easily end up being a situation like Memphis or Atlanta (although for different reasons) where the arena is only 3/4 full even when they have a playoff team.
Aenadin
Starter
oh their money spending does not only end in relocating paying debts and the arena... there will be promotions, tv airings, and lots and lots of promotion for the kings that will require money.. if they REALLY want to introduce and make a big fanbase, but that in turn should have a good and competitive product. which the previous kings are not. sadly. that is IF they move... they've proven they are not NBA type owners... *cough* cousins giant banner
Kings Fan Gerard
Bench
They'd make more money if they spend money on the team and build a winning product. Seriously.
Livinthedream
All-Star
Spend whose money? If they had extra money to spend would they borrow over and above the current value of the team?
kupman
Starter
So are we correct that their total debt would be around 300-350 million? Ironic that a new arena could be built here for that price. An arena that they would own and control 100% unlike the Anaheim deal. However, and adding further irony, I am not sure that any bank in the world would approve that loan for the Maloofs.
JJ22L
Starter
I will admit that I haven't followed the Maloof's finances very thoroughly. I have seen many many numbers thrown out for the Palm's debt + NBA line of credit, but does anyone have any substantive evidence showing that any of these numbers are correct? I can have a 75 million line of credit and owe $0. It's the availability of cash. Have we seen any evidence of what is actually owed?
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LPKingsFan
All-Star
$300-350 million? Isn't that more than the team is worth? I understand they don't want to sell because of their father and the Rockets, but at some point, you're just digging yourself a major hole. It's not good for the NBA to let owners drag franchises down or tear them away from loyal fans because the owners have leveraged themselves through the roof. At some point, the league needs to step in. Enter Burkle.
Just remember, the Maloofs only own 51% of the team. The limited partners own the other 49%. So picking a nice round number, if the team is worth 300 million, the Maloofs share is only worth about 153 million. That is the most they can put up as collateral in a loan agreement. Samueli looks like he's put up enough in loans to eat up a good chunk of that. What are the assets to secure these loans in case of default? We know the Palms isn't one of those and a bunch of skateboard parks is not likely. If they have real estate, that isn't the strongest right now. And if Samueli is #1 on the payback list, does this make the NBA #2 for their outstanding loans? See where this is going? Yeah rich people borrow money all the time. But when you borrow more than the value of your security, you start getting nervous if you are one of those creditors. Maybe the NBA is just now really paying attention to all this and some fact finding was in order. Of course Samueli owning the team and securing the NBA's interest is his way of getting the team by default. But Samueli gets to hold all the cards and not David Stern.
Peter_Gibbons
Starter
When the Maloofs borrow money for the Kings such as the NBA loan, the loan is made to the Kings, not to the Maloofs directly. The entire Kings organization is on the hook, not just the Maloofs. They are the ones calling the shots, but they don't pay the loans by themselves. The Kings' revenue is used to make the payments.
I'd think that would be a pretty good reason that a personal loan would be kept secret and an absolute deal killer if exposed.
Gary
All-Star
Yep same here... Doesn't seem like the case eh?
I also remember them saying not more than a year ago that they were going to make things work in Sacramento..
What a bunch of slimeball liars.
