Sacramento Kings

Kings arena deal crumbles as Maloofs back away from plan
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By Dale Kasler, Ryan Lillis and Tony Bizjak
dkasler@sacbee.com
Published: Saturday, Apr. 14, 2012 - 12:00 am | Page 1A
Last Modified: Thursday, Apr. 19, 2012 - 12:44 pm
NEW YORK – Sacramento's arena deal is dead. And the Kings' reign in the city is once again clouded by uncertainty.

The family that owns Sacramento's lone major league sports franchise Friday pulled out of a plan to finance a $391 million sports and entertainment complex in the downtown railyard. Then, reversing a decade of public statements, the family suggested instead that city officials could help them renovate Power Balance Pavilion in North Natomas.
During a hastily called news conference in a law office overlooking New York's Rockefeller Plaza, a prominent economist and attorneys hired by the Maloof family took turns tearing apart the city's plan. They argued that it would place Sacramento on the edge of fiscal disaster and could be equally damaging for the Kings.

Later in the day, Mayor Kevin Johnson met privately with the Maloof brothers for more than two hours. But unlike last year – when Johnson was able to persuade the Maloofs and the NBA to support one more attempt at building a new arena – the mayor left that meeting burdened with a dark conclusion.

"I wish I had better news," the mayor said. "(The Maloofs) are now saying they don't want to do the deal, which essentially means they don't want to be in Sacramento."

Speaking at a somber news conference of his own, NBA Commissioner David Stern said he was "extremely disappointed both for the Maloofs and the city of Sacramento."

"I think that there's nothing further to be done," he said.

As for the team's future in the city it has called home since 1985?

"I know we've scheduled them into Power Balance Pavilion for next year," Stern said. "It just wouldn't pay for me to talk about anything beyond that."

Now, Johnson returns home to Sacramento without a contingency. He quickly dismissed an idea floated by Kings co-owner George Maloof that the team and the city explore renovating Power Balance Pavilion, one of the smallest arenas in the NBA and a facility long derided by the league as inadequate.

"If it was up to me, there is no way that we as a city would invest in that building," the mayor said. "If they want to renovate (it) on their own using private dollars, that's their prerogative."

The City Council had endorsed a plan to leverage downtown parking spaces and garages to generate as much as $255 million toward a new arena in the downtown railyard. Stern praised that commitment, on par with what other cities have provided for arenas.

"We asked the city of Sacramento to step up, and the city stepped up in an extraordinary way," Stern said in his press conference, which followed the NBA's spring board of governors meeting.

In what was clearly nothing more than a handshake deal, the Maloof family agreed in February to contribute $73 million toward the arena. Stern revealed Friday that $67 million of that would have come in the form of an NBA loan.

Stern also said Friday that the NBA had committed to contributing $7 million of its own, a fact not previously made public. The remaining funding – about $59 million – was to come from AEG, the company tapped to operate the arena.

George Maloof, the family's point man on arena negotiations, said he has concluded that renovating the current arena makes more economic sense.

"Why put the pressure on the citizens of Sacramento when we can all figure this out and maybe just do it at Power Balance Pavilion?" Maloof asked.

Asked if that plan were feasible, Maloof replied, "You can redo anything. Trust me, I'm a developer."

But that stance contradicts a statement the family made in March 2011, when a former Kings executive and the architect who designed the former Arco Arena pitched a remodel of the facility to the Maloofs. The family said they had listened to that proposal, but determined "a renovation of the existing structure is not an adequate solution."

Neither the Maloof family nor their public relations consultants would expand Friday upon the idea of revamping Power Balance.

Read more here: Kings arena deal crumbles as Maloofs back away from plan - Arena Issue - The Sacramento Bee

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CardiacCavs said:

While this totally sucks for Sacramento, Seattle should definitely get another NBA team. Imagine how shitty they must be feeling seeing their young team that suffered through all the losing seasons in Seattle getting better and now competing for a title in another city.

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wuck said:

From Probballdraft:

Was told that John Henson looked really good at the Kings workout today. Moved well and would be great fit alongside DMC.

Indications are that Sacramento wants to add a player at 5, who is a winner & mature. Locker room concerns seem factor into Kings decision.

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BROOKLYN NETS
2011-12 Record: 22-44
2012-13 Projection: 48-34

SACRAMENTO KINGS
2011-12 Record: 22-44
2012-13 Projection: 40-42

GOLDEN STATE WARRIORS
2011-12 Record: 23-43
2012-13 Projection: 39-43

TORONTO RAPTORS
2011-12 Season: 23-43
2012-13 Projection: 37-45

NEW ORLEANS HORNETS
2011-12 Season: 21-45
2012-13 Projection: 42-40

I’ve been into this Sacramento team for a while now. Did they make me eat my optimistic words with their mediocre and often-lazy play last season? Yes. Might they burn me again this season? Most definitely. Will I hype them again? Yes!!

Sacramento, bizarrely, is one of the League’s deeper teams. It’s true. Check it out.

Guards: Tyreke Evans, Marcus Thornton, Aaron Brooks, Jimmer Fredette, John Salmons, Isaiah Thomas, Tyler Honeycutt
Forwards: Thomas Robinson, Jason Thompson, Chuck Hayes, James Johnson, Travis Outlaw
Centers: DeMarcus Cousins

That’s assuming they let Terrence Williams and Hassan Whiteside walk. Slicing off Honeycutt and the inept Outlaw, that’s six guards who can really play, three forwards who can really play (and maybe a fourth in Johnson), and an absolute animal in Cousins.

Sacramento is 10, and maybe as many as 12 or 13, deep. That would give them a pretty serious advantage if they could ever figure out how to use their best assets. Cousins is probably the third-best center in the NBA. Evans can play all over the floor. Brooks is two years removed from being the League’s Most Improved Player. Nobody knows what Jimmer can do. Thornton may be the best scorer you’ve never seen score. Robinson’s ceiling is sky-high.

The list goes on and on. The bottom line, though, is the following: Sacramento has the potential to, in a year or two, be one of the West’s new dominant teams. The Thunder’s early progress was steady, and by that I mean it didn’t show in the standings, much like the Kings. But when they figured it out… man, they figured it out.

Is an 18-win jump too big for a team which only added a solid guard in Brooks and a rookie in Robinson to a roster which didn’t need more guards or unproven players? Maybe. Do I need to stop asking myself questions and immediately answering them? Yeah, sorry.

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CavsRules said:

I think DeMarcus Cousins and Isaiah Thomas are posed for a solid season next year, and with the addition of Thomas Robinson, they could surprise a few this year.

.500 might not be out of the question, but it isn't expected with all the young talent they have. Its possible they can be at .500 or even over it if Robinson and Cousins can become a deadly duo early on.

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