R.E. Graswich: The Kings rumor mill is at full tilt

[Jkbiker]

http://www.sacbee.com/351/story/36075.html

By R.E. Graswich - Bee Staff Writer

Last Updated 6:20 am PDT Monday, October 9, 2006
Story appeared in METRO section, Page B1

Moving words: Bumped into Joe Benvenuti the other night. Joe, the developer who wrote the check to bring the Kings to Sacramento in 1985, had a scoop. He said he was thinking about selling his 31 percent ownership in the team. And there was something else. "It's my understanding they have an agreement to move the team to Anaheim," Joe said. "I expect to read about it in The Bee." Benvenuti smiled and dismissed a follow-up question. He has always spoken his mind. And now, nearing his 86th birthday and going strong, Joe apparently sees no reason to change. "I'm thinking about selling it," he said of his Kings shares. "It's been fun, but you never know what it's worth." The comments brought laughs and quick denials from the Kings -- especially the part about Anaheim. "There is no such deal and there have been no discussions," said Kings president John Thomas. "I'm sure Mr. Benvenuti was joking. I talked to him shortly after you did, and he was telling lots of jokes. I'm sure that was one of them." Benvenuti, who financed Gregg Lukenbill's dream to purchase the Kings for $10 million, said Sunday he was not joking. But his sources may be questionable. "The Anaheim deal was a rumor," Joe said. "Everyone's talking about it." ...

End Story Quote
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Jkbiker's Comments:

Wow!! This story in RE Graswich Column really upset me.

Almost 3 to 4 weeks ago I heard this rumor from a friend that knows someone in the Joe Benvenuti's office. Of course even Joe says it was a rumor at the end of the article. Originally when i heard the rumor I dismissed it thinking that it was just wild office rumor at Joe's office (especially since i could not find anything on this bullitin board or in any news articles)

But hearing that Joe Benvenuti himself discussing the rumor with a reporter 3-4 weeks later, especially with the Maloofs seeming to make every effort to Torpedo the Election , I really wonder if the rumor really does have some credance. Hearing Kings pres John Thomas dismiss this as a Joke? No I dont think so, Joe Benvenuti would not have talked about it in the office 3-4 weeks ago, and today to a reporter unless it was a a real rumor that he takes seriously.

If Maloofs did have verbal discussions with anaheim, I am sure it would be very secret, and maloofs would deny it to the end. They would want to tell the NBA that they gave Sacto every chance to pass the measure and come up with an Arena "to their liking" If their was any verbal agreement to go to anaheim, I bet it would be contingent on the Arena tax failing.

Sure would like to know who Joe's questionable source was, and who is the Everyone that is talking about it!

 

[Bricklayer]

Indeed -- if R.E. were even remotely trustworthy this would be a skeletal man with a scythe at the door of the SACRAMENTO Kings. Explain much of the Maloofs dawdling and apparent blunders -- already got a better deal from a more willing community, and so not really interested in winning.

Fortunately R.E. is not even remotely trustworthy, and while I will stop just short of accusing him of being willing to falsify crap in his columns, he is certainly willing to slant it to all hell. So I'm just going to file this under the "if it does eventually happen, wise old head can nod and cite this article" file and wait and see.

 

[VF21]

Joe Benvenuti has a marvelous sense of humor, from what I've been told. I strongly suspect he was pulling Graswich's leg or making a fool of Graswich. Hence the "I expect to read about it in the Bee" comment.

We know Anaheim would love to have the Kings. That rumor has been around for months.

I give Graswich about half as much credit for journalistic integrity as I give the staff of the National Enquirer.

 

[Jkbiker]

I so hope you are right Brick, RE has been against the tax issue all along, and if I had not heard this rumor some time ago, I would agree that it very well could be slanted reporting by RE.

I sure pray you are right Brick, I so want to believe that Maloofs really want to stay.

 

[Jkbiker]

Joe Benvenuti has a marvelous sense of humor, from what I've been told. I strongly suspect he was pulling Graswich's leg or making a fool of Graswich. Hence the "I expect to read about it in the Bee" comment.

We know Anaheim would love to have the Kings. That rumor has been around for months.

But article says

Benvenuti, who financed Gregg Lukenbill's dream to purchase the Kings for $10 million, said Sunday he was not joking. But his sources may be questionable. "The Anaheim deal was a rumor," Joe said. "Everyone's talking about it

Joe has not owned up that it is a joke, and even though we have known that anaheim would love to have the kings, this is the first time we have seen in print the Rumor that Maloofs have an agreement to move there.

But like I told Brick, I so want it to be just a rumor.

 

[BMiller52]

We need to really get people voting for Q&R so that the Maloofs can't move to Anaheim. I don't care what the odds are, get out and do something whether it's over the web or in real life. Inform people in Sacto, maybe we could make pamphlets for it or something.

 

[VF21]

But article says

Benvenuti, who financed Gregg Lukenbill's dream to purchase the Kings for $10 million, said Sunday he was not joking. But his sources may be questionable. "The Anaheim deal was a rumor," Joe said. "Everyone's talking about it

Joe has not owned up that it is a joke, and even though we have known that anaheim would love to have the kings, this is the first time we have seen in print the Rumor that Maloofs have an agreement to move there.

But like I told Brick, I so want it to be just a rumor.

I wouldn't put any credence in ANYTHING I read in a column by R.E. Graswich.

 

[VF21]

We need to really get people voting for Q&R so that the Maloofs can't move to Anaheim. I don't care what the odds are, get out and do something whether it's over the web or in real life. Inform people in Sacto, maybe we could make pamphlets for it or something.

I so hate to be the bubble-burster here, but passing Q & R at this point doesn't guarantee a thing. The Maloofs and the city/county don't even have a binding memo of understanding. That expired on Oct. 6.

My faith in this whole thing is that they'll learn from the mistakes and sit down and draw up something like what happened in Houston...

 

[BMiller52]

So Stern would let the team move even if Sacramento got a new arena?


edit: BTW VF you just hit 34,000 posts.

 

[VF21]

So Stern would let the team move even if Sacramento got a new arena?

If Sacramento gets a new arena, there would be little reason for the team to move.

 

[Bricklayer]

So Stern would let the team move even if Sacramento got a new arena?


edit: BTW VF you just hit 34,000 posts.

Yeah -- I think that is the real thing here. If Q & R were by some miracle to pass, I can't see Stern letting them go. Stern being Stern, I think he would sincerely like the team to stay and knows a good thing when he sees it, but never mistake him for a nice guy. If the voters reject Q & R and something else isn't submitted in its place post haste, he is not above letting the Kings walk right out that door as punishment and a warning to other city/fanbases with similar delusions of grandeur.

Pass Q & R and the Maloofs are kind of stuck with Sac even if they have other offers. Under those circumstances, Stern a) sees the real chance to make it happen and maybe even squeezes the Maloofs a bit for concessions; and b) does not want to discourage other cities with arena votes upcoming by sending the message that merely passing bills isn't enough to assure their team stays. Then Stern is solidly Sacto's ally.

 

[BMiller52]

Yeah -- I think that is the real thing here. If Q & R were by some miracle to pass, I can't see Stern letting them go. Stern being Stern, I think he would sincerely like the team to stay and knows a good thing when he sees it, but never mistake him for a nice guy. If the voters reject Q & R and something else isn't submitted in its place post haste, he is not above letting the Kings walk right out that door as punishment and a warning to other city/fanbases with similar delusions of grandeur.

Pass Q & R and the Maloofs are kind of stuck with Sac even if they have other offers. Under those circumstances, Stern a) sees the real chance to make it happen and maybe even squeezes the Maloofs a bit for concessions; and b) does not want to discourage other cities with arena votes upcoming by sending the message that merely passing bills isn't enough to assure their team stays. Then Stern is solidly Sacto's ally.

That is exactly my point, you are much better at explaining it though.

I think people should vote for Q&R because it basically guarentees the Kings to stay(IMO). The election hasn't happened yet, there is still time to get people to vote for it IF we(the fans) who can actually go out and get it done. If we can convince people and show them that Tamayo and the other guy named Dave what's his face are lying, many of them will be swayed to vote for the arena. Also if we showed them that it's not just about the Kings, it's about ALL of the entertainment and that it really is a quality of life thing they will be swayed to vote for the arena. There are a lot more pros than cons to this, they just haven't been explained to the public real well.

 

[Arena Skeptic]

This is one of the biggest crocks-o'-you-know-what RE has ever written. Good grief.

But, of course, we all heard this same rumor about 10 months ago. The way I heard it: Samueli and The Maloofs were in the same room, with a letter of intent on the table, pens poised and ready to sign the deal... And the Maloofs said, "Nah!" and walked away.

Wasn't in the NY Post that published such an article?

One thing does make you wonder, though. In his late 80s, Benvenuti now wants to sell. He owns 31% of the franchise, for which he presumably paid $3.1 million (the franchise cost $10 million in the mid 1980s). Now, 31% of $350 million is a lot; he could set up his family for generations with over $100 million. $3.1 million into over $100 million. Not bad, eh, kids?

So now, suppose Samueli comes up with $100 million. We have a seller; we have a buyer, in Anaheim, with just about the right arena for the Kings, in what'd be a great market for the Kings.

So, what RE said was ridiculous, but then has some very, very reasonable underpinnings.

 

[JB_kings]

Samueli wants the franchise - not 31% of it. I wouldn't put up 100 million unless I was damn sure I had controlling interest afterwards.
I don't think the Maloofs would sell the Kings, but you never know. They always talked about regretting that when they sold the Rockets.

 

[Arena Skeptic]

Well, one step at a time. 31% is hardly chicken-scratch. Today, 31%; tomorrow, he's offering the Maloofs $75 million for another 20% of the franchise.

Not that far-fetched.

The point is, motivated buyer + motivated seller = sale. Usually. Not always.

 

[VF21]

If anything, I suspect the Maloofs would be the first to buy out Benvenuti. Why wouldn't they?

 

[Bricklayer]

Would think it wouldn't be the Maloofs just because they don't need to waste that money 9The NBA not being very good business compared to Vegas.) They already have controlling interest, so whomever wants to own the other 31% can't be that high on their list of concerns I would think, although if they were moving to a new locale having somebody in that new city buy out Benvenutti (knew his grand nephew BTW -- used to be able to occasionally get courtside seats for my brother and we used to have some hellacious scrapper battles on the baords on the pickup courts).

 

[VF21]

If I remember correctly, there is another minority stockholder. The guy who came to Sacramento to cement the Comcast deal. His name escapes me...

 

[JB_kings]

If I remember correctly, there is another minority stockholder. The guy who came to Sacramento to cement the Comcast deal. His name escapes me...

Bob Hernreich

The limited partners are:
Joe Benvenuti
Bob Cook
John Kehriotis
Dave Lucchetti
Bob Hernreich

Source 2005-06 Kings media guide

 

[BigWaxer]

I think the article is junk. But RE just reported what someone told him. I think its news worthy if Joe Benvenuti in any context says "the kings are moving to Anaheim"

Either way... RE is the worst...! I cannot stand people in the media with agendas.

 

[kennadog]

RE basically writes a gossip column. Gossip = garbage most of the time.

Unfortunately, some people think he is actually reporting news. He could be right about this. You know, like the stopped clock that is right at least twice in 24 hours. Or on some theory related to the 100 monkeys typing theory.