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Kings Arena Backers To Talk Financial Details With Term Sheet To Be Released Tomorrow
Published February 29, 2012
MARKING THE MOMENT: In Sacramento, Matt Kawahara notes at the first timeout of yesterday's Jazz-Kings game, co-Owners Gavin and Joe Maloof "walked to center court amid a standing ovation." Gavin then "addressed the crowd." He "thanked Sacramento Mayor Kevin Johnson, the NBA, commissioner David Stern and arena operator AEG, before addressing the crowd directly." He said, "Thank you for all you do, thank you for the love that you've shown our family. We still love you, we always loved you, and we always will love you. Thank you" (SACRAMENTO BEE, 2/29). Asked how the arena deal was finalized, Gavin said, "Stern wanted it. We wanted it. Everybody stretched. AEG gave more. We gave more" (SACBEE.com, 2/28).
CAUTION FLAG: In Sacramento, Marcos Breton writes, "We've reached a dangerous portion of this saga because while almost everyone is celebrating and thinks it's over, we still don't know what 'it' is." This is where cities such as Sacramento "can get in huge trouble by agreeing to as-yet-undefined deal points that risk financial exposure." Breton: "We need specifics. How is the revenue at the new arena going to be split? How will the city replace the $9 million in parking revenue that will be funneled into the arena? Shouldn't someone raise concerns about the viability of Kings owners who already had a lot of debt and seemingly will take on even more to remain Kings owners? Going forward, do the Maloofs have the capacity to put a good product on the floor?" (SACRAMENTO BEE, 2/29).