SBD/Issue 181/Facilities & Venues

Joe Maloof Says Interest In New Arena For Kings Has Not Waned

Maloof Still Interested In New Arena, But Also
Focused On More Pressing Problems Like Tickets

NBA Kings co-Owner Joe Maloof yesterday said that his family's "interest in a new basketball arena has not waned, despite his comments this week" to CNBC, according to Tony Bizjak of the SACRAMENTO BEE. Maloof "clarified that building a new arena to replace Arco remains important to the long-term success of the team, but the Kings have more pressing problems to tackle right now, something luxury suites can't solve." Maloof: "We do need a new arena. Nothing has changed. The point I was making is we need to refocus and get the season ticket holders back. We have to bring more wins to the city. That's more important than the new arena right now. After that, you have to look at your suites and club seats. You can't depend on the luxury suites." Maloof said that ticket renewals "already are near 90 percent of last year's levels." Maloof: "That's going well." A Kings spokesperson yesterday said that the team "does not reveal how many of its 30 suites currently are sold." Meanwhile, Sacramento officials said that the "proposal to build a new arena in the downtown railyard is progressing," and that the City Council "will get an update in July" (SACRAMENTO BEE, 6/3). In the CNBC interview, Maloof discussed the benefits of a new arena. Maloof: "It's a lot different from two or three years ago when franchises were depending on selling out those suites or club suites or bunker suites. So the truth is that we don't need a new building as much as we did a couple years ago. If we can't fill the suites now, what's a new arena going to do? They won't automatically fill up" (CNBC.com, 6/1).

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