The story about the Kings moving has gotten juicy. I was for the Kings staying in Sacramento, but this is too much. Here's the back story: The Maloofs always made money in Sacramento, even in lean years such as last year (and with a sucky team!), and got a $77 M loan from the city to stay. However, they wanted lux boxes, a downtown location, a bigger arena and more gravy to the tune of another $250 M from the city to finance a new arena. The citizens did not want to raise local taxes quarter to half percent for a couple of years and the city did not have that kind of money to dole out. The Maloofs did not even offer to repay the $77 M loan back to help out. http://www.sacbee.com/2011/03/29/3510644/sacramento-to-anaheim-quit-talking.html#disqus_thread
Update: Anaheim Approves $75 Million In Bonds To Lure Sacramento Kings http://www.sacbee.com/2011/03/30/3513390/anaheim-approves-plan.html Dear Sacramento, The Maloofs Sacramento Kings owners Backstory? It is ve-r-r-r-r-y interesting to me that billionaire Henry Samueli (insert a Snidely Whiplash nya-ha-ha here -- http://en.wikipedia.org/wiki/Snidely_Whiplash), who owns the Anaheim Ducks and his company handles the scheduling for the Honda Center, is the sole person who is financing the deal. This could be a sock puppet production we are watching. Follow me on this. With Samueli taking the risks of default by the Maloofs, the Anaheim board gives the automatic 5-0 green light. Anaheim sets up a website for interested "Royals" fans in order to get updates on the move. The Kings will change their name to Royals because the region already has the Los Angeles Kings hockey team. If the Kings move, right off the bat, billionaire Samueli gets the new Royals scheduling. Royals, Ducks, concerts, Disney on Ice, WWE, circus, etc. Wow. Not only that, he gets interest on money that he loans to the Maloofs through the City of Anaheim who own the land and Honda Center. The $75 M will go to pay for arena renovations and other costs, including an NBA relocation fee which will be hefty because of the Los Angeles Lakers and Clippers in the region. Two-thirds, or $50 million, will be loaned to the Maloofs. In effect, Samueli is loaning the money to himself and Anaheim gets the benefit of an renovated arena. The Maloofs will be on the hook for the relocation fee and will assume the $50 M loan. On top of that, they will have to pay $77 M and substantial penalties to the City of Sacramento for an earlier loan they got from the city to stay. Are you still with me? The deal by Samueli could be more a "lure the Maloofs," who are reportedly in some financial trouble, to Anaheim instead of a move by the Maloofs. The Maloofs sold a profitable beer distributorship and other assets earlier. The Maloofs also own The Palms in Las Vegas. If I was Samueli, it increases my scheduling and... more importantly will give me a chance to buy the Kings when the Maloofs owe and owe and owe to the city of Anaheim later and can't afford to pay anymore. Nya-ha-ha.
