Maloofs can go, but keep the Kings here.
Early in March as the deadline approached for an arena deal to keep the Kings here in Sacramento, a deal was struck and all parties involved liked the terms. However, all that changed towards the end of last weekend when one of the parties started to try and back out of the deal.
The Maloofs said that they didn’t sign anything on the dotted line…but yet, they agreed to their share of the pre-construction costs of the arena.
How it broke down was that the City of Sacramento would pony up $6.5 million dollars, AEG and the Kings would pony up $3.25 million each. And the NBA has already rushed a $200,000 loan to get the ball rolling.
So, last Thursday, the Maloofs wanted to back out of the deal that they had agreed to. NBA Commissioner David Stern will see if he can get $6 million to cover the cost of both AEG and the Maloofs. But what stings is that AEG is not the ones who have problems with the deal, the Maloofs do.
The downward spiral began when they became owners and then opened up the Palms in Las Vegas. They had side sports ventures that could have made them a sports dynasty that would have been recognized. The Sacramento Knights indoor soccer team and the Sacramento Monarchs WNBA team. They received little promotion, but went by word of mouth. So, the Knights ended first and then the Monarchs. But the Monarchs had done something in four seasons that the Kings have yet to do – win a championship title.
Later, they would get rid of coach Rich Adelman (the one coach who got the Kings to the playoffs for the majority of his time as the head coach) for the revolving door of coaches and back to worse losing seasons to boot. Nothing has been proven to survive rapidly constant changes and the Kings are no exception.
Then came Measures Q & R – the ill-fated ballot measures that were shrouded in so much secrecy that it proved that in the end, it was a tax to help fund the new arena. It was shot down.
Finally, it was leaked that the Maloofs were secretly making a deal to move the team to Anaheim and they were going to get $25 million in the deal. And Power Balance is in bankruptcy and can’t afford the naming rights.
And now it’s come down to this…the Maloofs want more money, and they want to back out of the deal.
I say enough.
This deal is not fair to AEG, the NBA and the City of Sacramento. It’s not fair because AEG is still willing to pay, the NBA is still working to make sure the deal goes through and the City of Sacramento because of all the threats of moving the teams if they don’t have a new stadium – not to mention that the Maloofs still owe the city that $67 million loan. Only the Maloofs are sour on it because they have to pony up their own money.
I say if the NBA has to pony up that $6.5 million to keep the team here and make sure the team stay here, then the NBA and the City of Sacramento should be co-owners until a suitable one can be found. Because I feel that if the Maloofs can’t be trusted and they already proven that they can’t handle their money.