When the arena deal was struck, it was a triumphant conclusion to a decade-long effort. When it fell apart, it became a PR minefield. Now, the City has responded to allegations made by the Maloofs by releasing their side of the story.
The morning the arena terms sheet was to be announced, the Maloof Family attempted to renege on many of the promises made to the city. Each element the owners objected to were, if taken by themselves, deal breakers in the eyes of the city. Together, they construed an attempt to back out of a deal with the City of Sacramento and are an affront to the negotiations that were supposed to be in good faith with the NBA, AEG, and the people of Sacramento.
Among the items it has been revealed that the Maloofs objected to were providing security at events, covering expenses for municipal services directly related to Kings events, and even staying in Sacramento. The city had always taken a non-negotiable position of 30 years, but at the 11th hour, the Maloofs said they would only agree to 15 years.
The information can be reviewed more fully in the report by News 10.
Days after the deal to build a new entertainment and sports complex in downtown Sacramento fell through, email correspondence released Monday show the term sheet red-lined by the Kings’ owners, the Maloof family, and the city’s response to the document.
Last Friday, NBA Commissioner David Stern said the deal for a new arena was off after a tentative deal between the league, the city of Sacramento and the Sacramento Kings fell through because of disagreements over the term sheet. Sacramento Mayor Kevin Johnson met with the Maloofs later that day but it was clear the arena deal brokered several weeks earlier was dead.
Read the full article here.