This is all a sad state of affairs. If the Kings go, don’t think the city will just pick-up an expansion team to fill the void. … that would be an additional cost of $100 to $300 million payed to the NBA and its owners.
Saturday, April 14, 2012
Arena Effort Dead
Yesterday Mayor Kevin Johnson admitted “Is the deal as we know it dead? Absolutely.” According to the Sacramento Press, The breaking point for Johnson, he said, was the Maloofs’ refusal to put up collateral for the city’s refinance of their loan. I personally can’t believe this was not in the agreed upon in the March 1st framework… but apparently it wasn’t. In addition, the Maloof’s also refused to pay $3.26 million in pre-development costs for a building they would not own. This doesn’t sound all that odd to me. Why as a renter of a new building (Maloof’s) would they also pay for the pre-development costs? Those costs are traditionally picked up by the owners which in this case would be the city.