While the new Sonics owners get defensive over their move to the OKC attempts to keep the Sonics in Seattle, another Western Conference city is sleeping a lot easier this morning.
Sacramento has reached an agreement with the Maloof Brothers (i.e. the Kings owners) to build a new downtown arena for 2010.
The thing will cost plus/minus $500M, and it sounds like it’s a pretty fair deal for all sides.
Under terms unveiled Thursday, the Maloofs would sign a 30-year lease for the Kings and Monarchs to play in the new arena, which would anchor a new sports and entertainment district in the downtown railyard.
The Maloofs would pay off their existing city loan of nearly $71 million in a lump sum. In addition, they would pay $4 million annually in rent for 30 years. The family would make a $20 million payment upfront for a capital repair reserve fund.
Their total contribution — not including the loan payoff — would be $142 million over 30 years. That’s between 26 percent and 30 percent of the facility’s cost, negotiators said.
The whole deal still has to go to the voters, but judging by Sactown Royalty’s mood, that shouldn’t be a problem. And yes, we judge everything in life by how Sactown Royalty feels.
We do have to admit – we’ll be sad to see Arco Arena get torn down. We’ve never been there and know nothing about it beyond the fact it’s named after a gas station, but everyone says it’s like the greatest place on Earth named Arco Arena.
Next up for the Kings is free agent Bonzi Wells (who’s doing yoga), and if they’re smart, they’ll take this to the people, who are probably all up on the Kings right now. How that would work, we have no idea – our job has never been contract negotiations nor contract analysis.
Our job is to Photoshop old ladies saying “whore”. Nothing more, nothing less. Creative bankruptcy has arrived, people. Enjoy it!
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sacramento deserves the kings loyalty . their fans support them to the hilt.
what sacramento needs to boot from town is the governor !
Gavin Maloof: If this arena deal goes under, the whole town goes under.
Boardroom Woman: That’s when the whores come in.
Joe Maloof: Excuse me, what was that?
Boardroom Woman: Men laying their trick-money down. Twenty dollars to pay the rent? Maybe not. Maybe instead I’ll spend it on the whore. Whores running around, doing their little behind-shake for the men folk…
Geoff Petrie: For Christ’s sake. Once, during the war, I visited a prostitute, and my life has been a living hell ever since.
Now , the Maloof brothers can finally concentrate on their Reality Show and one of them on Tara Reid !
We ain’t goin’ nowhere…
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