Kings (Sacramento, Anaheim, Rancho Cordova: house, go bankrupt, theater)

[NewToCA]

I thought one of the ideas being put together by the Maloofs was to turn Arco over to the city as partial payment of the $77 million they owe Sacramento, and that one of the potential areas of contention was how the arena would be valued based on condition and current real estate values.

[wburg]

Not sure what that has to do with the Maloofs' failure to maintain their own property, or why the city should be expected to buy them a new arena when they aren't maintaining the one that they own. If your friend is a slob who lets his house fall apart, how nicely would you expect him to maintain a free house you give to him without charge?

The Maloofs didn't actually borrow the money from the city, the city merely holds the note for the people who did loan the money. If the Maloofs default, the city gets a $25 million share of the team and the arena, but the city then becomes responsible for paying off the $75 million debt. Arco in its current condition is worth maybe $30 million, and turning it into anything else other than an auditorium would require lifting of the Natomas building moratorium. Essentially, it gives the city something worth less than the amount owed that they would have a very difficult time turning into the quantity of cash they would have to repay. Not a comfortable position.

[quang]

Just want to point out that the building is 20+ years. Everything has a time limited.

[Aquaboy]

I wasnt aware the Maloofs own Arco, ahem, Power Balance Arena.
If so, they have even less reason to complain about it's condition.

[henry1]

Originally Posted by wburg

One thing I was wondering...the Maloofs own Arco Arena. It is their property. If it has not been properly maintained or upgraded, and allowed to fall into disrepair, why is it the city's responsibility? If I stop fixing up my house, will the city come and do repairs, or buy me a new house, to stop me from moving to Anaheim?

I used to live down in Modesto and i'm so tired of hearing about the kings and there socalled move to Anaheim along with the Maloofs they are bunch of rich guys who want to make more money than careing about the area ..

[Ludachris]

Originally Posted by Dewzy916

How many of you will miss the kings? I would be really sad to see them leave.
Also does anyone remember this:
YouTube - The Greatest Tragedy in Sports part 7

Biggest dissapointmemt in my life

I'm a Lakers fan, and though I don't buy into the whole "greatest tragedy in sports" argument/conspiracy theory, I will admit there were some terrible calls in that game. But that happens in every game. I miss those days and that rivalry. I would have liked to see the Kings win one with that squad, would have made for an even better rivalry. And I'm sad to see this happening to the Kings fans.

Hope something works out that keeps the Kings in Sacramento.

[Malloric]

Originally Posted by wburg

Not sure what that has to do with the Maloofs' failure to maintain their own property, or why the city should be expected to buy them a new arena when they aren't maintaining the one that they own. If your friend is a slob who lets his house fall apart, how nicely would you expect him to maintain a free house you give to him without charge?

The Maloofs didn't actually borrow the money from the city, the city merely holds the note for the people who did loan the money. If the Maloofs default, the city gets a $25 million share of the team and the arena, but the city then becomes responsible for paying off the $75 million debt. Arco in its current condition is worth maybe $30 million, and turning it into anything else other than an auditorium would require lifting of the Natomas building moratorium. Essentially, it gives the city something worth less than the amount owed that they would have a very difficult time turning into the quantity of cash they would have to repay. Not a comfortable position.

My understanding is that the Kings would still be liable for the balance even if they elect to give up the collateral as partial payments. Sacramento isn't ever technically liable. If the city chooses not to repay loans that that the Maloofs are responsible for (which would never happen because the Maloofs always pay their bill *cough*), then the cities credit rating would be ruined. It'd probably be cheaper to just pay the Maloofs business debts. That's what will end up happening in the end anyway. Just get it over with and send the problem off to Anaheim. In another ten or fifteen years we'll hear the same story all over again.

[SgtCrossFit]

So I left for the Army in 2003 for 4 years. I'm sure you all know what the Kings were doing back then. they were rocking the court thats what. They were rated the best fans in the NBA. I come home in 2007 to a disappointment. what happened when I was gone. I miss those days were you would get shot for wearing a Lakers jersey.

[wburg]

Originally Posted by Malloric

My understanding is that the Kings would still be liable for the balance even if they elect to give up the collateral as partial payments. Sacramento isn't ever technically liable. If the city chooses not to repay loans that that the Maloofs are responsible for (which would never happen because the Maloofs always pay their bill *cough*), then the cities credit rating would be ruined. It'd probably be cheaper to just pay the Maloofs business debts. That's what will end up happening in the end anyway. Just get it over with and send the problem off to Anaheim. In another ten or fifteen years we'll hear the same story all over again.

Sounds pretty darn liable to me.

[NewToCA]

News???


It appears Anaheim and the city-owned Honda Center have been left at the altar again.

Despite months of negotiations with Anaheim arena officials that pushed the Sacramento Kings to the brink of relocating in Anaheim, the Maloof family has at least temporarily abandoned its plans to move to Orange County because of opposition to the move by the NBA.

Kings end bid to | anaheim, arena, nba - Sports - The Orange County Register