Sacramento Kings moving franchise to the OC, CA.

I thought this was a joke, but it's not. The real question is how well does a Western Bacon Cheeseburger pair with a Bordeaux?

 

Stern says Maloofs passed on a great deal.

http://www.sacbee.com/2012/04/28/4449510/city-may-get-new-arena-but-it.html

 

But the team is staying. I'm glad about that, but I don't understand what the next step is.

I don't think moving to Anaheim is an option anymore.

 

From the article, it seems Stern is done with the Maloofs. He pretty much said cashing revenue sharing checks isn't a viable option, with a veiled threat that it only takes a league vote to change the rules.

I expect the Kings to file for bankruptcy in the next year or two.

 

That would actually probably be the best thing to happen because then they could pry the team away from those assholes.

 

Can't remember if I said it on this thread or not, but, Stern needs to do lunch with Bud Selig pronto and get the details on how he pried the Dodgers from McCourt. Or is this apples and pears?

 

Bud having the antitrust exemption in his back pocket would be a big difference there.

 

That, and the way he likes to build a consensus before calling the question.

 

The actual bankruptcy proceedings gave Selig his leverage. Sooner or later, the court was going to order the Dodgers sold ASAP, not just in theory. Selig's auction drew a higher price than the auction that would've taken place in those circumstances. Have the Kings or either of the Maloofs filed for protection?

 

The Kings situation appears much different from the Dodgers one because the McCourts did not have the cash flow to meet payroll and other debt obligations.

Here, I have not seen anything indicating that the Kings are having problems meeting payroll or anything else. Just no cash for a new arena or to invest in other assets.

Hence, no reason for bankruptcy. Just may be a neglected asset, but one meeting its bills nonetheless.

 

Why?

The Anaheim arena has not gone anywhere. Presumably, Samueli, who controls the arena and owns the Ducks will still make a loan to the Maloofs. And while the Maloofs owe the City of Sacramento 70M or so the collateral is Power Balance Arena and a 25M interest in the team.

The Maloofs could mail the keys to the arena and send a 25M check to the city. Then the city would own the arena but not the parking lots around the arena, which are not included as part of the collateral. So the Maloofs could either sell the lots back to the city or charge exorbitant rates to attend the remaining events in the existing arena.

 

New York to New Jersey to (Brooklyn) New York Nets?