April 13, 2012   |No Comments

Sacramento Biz Community, Newspaper Call for Ouster of Kings Owners After Stadium Fiasco

For those who haven’t been following, there’s quite a mess out in Sacramento over the plan to build the Sacramento Kings a new arena. The Maloof brothers, owners of the Kings, had been threatening for some time to move the team to Anaheim if the city didn’t step up and help build a new stadium for the team. (Which is bad enough.) But the city ultimately caved an promised to contribute $255 million toward a new $391 million arena. The deal is not great for the city, but that’s for another post. What’s important right now is that the Maloofs are now trying to back out of the deal, claiming they should not have to pay $3 million in pre-development costs. That’s right- they just forced the city to put up $255 million in public financing for what is essentially a private arena, but they’re upset about $3 million and are trying to back out of a handshake deal.

Well, local businesses and the local paper have had enough. Thursday, a group of 25 Sacramento businesses sent a letter to the NBA asking the league to find new ownership for the Kings. And today, the Sacramento Bee called for the owners ouster. Sacramento Mayor Kevin Johnson also called out the Maloofs in an open letter.

When the entire business community, local paper and mayor are calling your bluff, it may be time to live up to your word.

NBA owners are meeting today so something is likely to happen in the next 24 hours. We suggest you follow SacTownRoyalty’s Tom Ziller for the latest…

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