Sacramento Kings moving franchise to the OC, CA.

Then tell him to buy Tribune or McClatchy instead of wasting his money or a sorry NBA team!

 

Q: Saccaminnow. Saccaminnow, where you at?
A: Saccaminnow.

 

Not so fast on the Kings staying put. The Maloofs don't want to pay what they promised.

http://www.latimes.com/sports/sportsnow/la-sp-sn-sacramento-kings-arena-anaheim-20120329,0,2197002,full.story

 

The billionaires are upset with a plan in which they were going to pay 20% of the construction costs (vs. 65% from the taxpayers) for an arena whose only purpose is to make them more money.

Awesome.

 

Are they upset, or incapable of raising the nut?

 

The Maloofs owe $73.25 million of the construction cost. The reason they're bitching now is that they were supposed to pay the first $3.26 million. David Stern had to get involved to soothe fears, and we have all seen how wonderfully that works out.

http://www.sacbee.com/2012/03/30/4377566/arena-ghgfgfdgf-gfgf.html

I don't think those fucksticks have the money.

 

Anyone think the Kings and Coyotes end up in Seattle?

 

If they can't afford the money they promised to pay, they should be forced to sell the team... Period.

 

If you can't pull some kind of debit card out of your pocket and swipe it for $3.26 million, you shouldn't be owning a major-league sports franchise.

 

Maybe it's like the gas station and you have to pay in $75 increments.

 

It seems pretty clear to me that Stern wants the team in Sacto and Dr. Evil usually gets what he wants.

 

This appears to be a deal driven by hope and not cash. AEG, i.e. Phil Anschultz will pay 60M, the CIty 254M and Maloof's 73M.

AEG/Phil Anshultz will cover their portion. Of that we can be sure

But the city is depending on selling off or pledging revenues from parking lots to raise the 254M. The city already owes 50M or so against these lots that must be paid so 254M is a very optimistic valuation. The city claims that it can sell other assets, primarily vacant land to cover any hole from monetizing the parking lots.

Then there is the mystery of how much cash the Maloof's have. They have promised 73M in cash or other assets for the arena. The other assets almost certainly include the parking lots at the current arena. I don't think the value of that land as part of the overall contribution by the Maloof's has been publicly disclosed.

But in the current Sacramento real estate market I don't think the city will be able to flip it for whatever value is assigned to the property in the deal. And as someone who is very cynical about these types of deals I bet the fix is in. I don't think the the Maloof's expect to come up with anything near 73M and the city will have to come up with more money to cover that hole. But from where?