Sacramento Kings moving franchise to the OC, CA.

Ask Glendale, Ariz., where to come up with the cash.

 

Wait-whaaaaa...did somebody say "parking lot?"

 

Not a chance in hell until Seattle springs for a new arena. Sucks to say it, but that's what it's going to take.

 

There are plans in motion for one.

 

Not really, that proposal is some serious pie in the sky BS.

 

It looks like the deal is falling through. According to the city the Maloof's were supposed to come up with three million to start design. The Maloof's say they have not signed anything and will not pay. The Maloof's have an LA attorney sending letters to the City wanting to further discuss the project.

My understanding is that the city is trying to pledge parking revenues of the city to finance their 250M contribution. The city would issue general revenue bonds with the parking money as collateral.

The reason that it is important to issue general revenue bonds is that if there is a default creditors do not have a legal claim against other city tax revenues. If the city was forced to issue general obligation bonds then in a default the taxpayers would be liable for the shortfall.

A general revenue bond does not require an election. A general obligation bond does. And Sacramentans have crushed two previous attempts at the ballot box. So the City has to come up with enough dedicated revenue streams to finance the general revenue bonds.

The city said that the Maloof's would pay 73M upfront. If the Maloof's are not going to pay that- and my guess is they will not- I don't think the city can finance the additional money.

 

All of what you're saying may be true theoretically, but it ignores the single factor that is destroying this deal: THE MALOOFS HAVE NOTHING LEFT. Those spoiled rotten assholes are lucky they still have roofs over their heads, and I'm sure their dad is looking down with shame in his eyes at what has become of his empire. In addition to the dipshits who run the Kings, sister Adrienne is on the latest "Real Housewives" and is the subject of much speculation that she too is broke.

Any deal that happens is going to have to include drop-kicking the entire family back to Vegas.

 

Those assholes should be drop-kicked back to Vegas.

The Maloofs got a sweetheart deal for that new stadium. If they can't deliver their share, they should be forced to sell the team.

 

Sacramento business leaders ask David Stern to force a sale.

http://www.sacbee.com/2012/04/12/4407996/new-kings-ownership-proposed.html?storylink=lingospot

Mayor KJ tells the Maloof doofs: Get bent, this is the deal we have and we aren't renegotiating.

http://blogs.sacbee.com/city-beat/2012/04/in-letter-to-maloofs-mayor-johnson-says-sacramento-will-not-renegotiate-arena-deal.html

KJ and Maloofs meeting with Stern today.

 

The MaGoofs should be forced to sell the team to the runners-up in the Hornets auction.

 

Basically, the Maloofs want to pin this on KJ, even though they never had any intentions of paying anything for the arena. This article states they won't pay pre-construction costs, even though they agreed to do so.

http://www.sacbee.com/2012/04/13/4411932/kings-arena-deal-concerns-range.html

 

The Maloofs are scumbags and should be told in no uncertain terms, you knew it was a Sac franchise when you bought it, you don't get to move. Not Anaheim, not Seattle. Nothing.

Most importantly, you agreed to the deal in Orlando, went to Sac and sucked up all the glory, you live up to your terms. Freakin' liars.

I hope Stern falls for their BS as much as Goodell did for the Saints' BS because Stern knows what the Maloofs agreed to when they said it to his face.

http://espn.go.com/blog/truehoop/post/_/id/40633/how-much-is-a-handshake-worth