Regarding the ownership of the Arena if the team is sold to local investors, the local investors would own it. The arena and property would be part of the sale. Think about it. If the new owner(s) assumes the 77M debt - of which the arena and surrounding property is collateral - then they also assume ownership of the building and the property it rests upon. Didn't Jim Thomas own it until the Maloofs bought him out? Same logic would apply to another ownership change.
Well, there is one ownership for the team and one for the arena, actually. The city also has a $25 million dollar stake in the team as part of the collateral for the city loan. I think a local buyer would assume the city loan from the arena ownership, which would make them the arena owners. And it would likely be a great deal for the Maloofs, because the collateral, especially the arena might not be worth the current loan amount that would come due if the team moves.
I don't want Van Dusan as the buyer, because he wants to keep the ST arena and renovate it. I think that's a stupid idea and not in the city's best interest.
PROUD OF SACRAMENTO. PROUD TO BE A KINGS FAN.
Sacramento Kings - 2013 - the future starts NOW!
Long live the SACRAMENTO Kings!
I doubt the NBA would look kindly on any buyer not having a viable arena plan.
But you're right in that convincing the board of governors that there is an equally viable offer that keeps the team in town with a new arena would be ideal.
Aaron Bruski @aaronbruski
Sacramento is the favorite to keep the Kings in my eyes based on conversations with sources close to the situation.
I stopped listening to "bruski" after he said "JAMES JOHNSON DOESN'T DESERVE TO BE ON AN NBA FLOOR" And his very next tweet was "he could be a player though in the right team"
uhhhh. Mr Hyperbole. zzzzzzzzzz
Right not now I'm hoping that our best REALISTIC chance is if Stern and Co say to themselves "wait a minute... if we play our cards right we can have it ALL. Burkle money, Hansen money, Maloofs, gone, new arena in Sac, new arena in Seattle = Sell Kings to sac group, and give Seattle an expansion team".
If it comes down to simple Sac vs Seattle, or Hansen vs Burkle... I don't love our chances at all. And if keeping the team in Sac with a sleep train renovation means no Hansen and zero new arenas... well... how you you vote if you are on the BOG? come on.
Its hard to have a battle of wits with an unarmed person.
Hard work beats talent, when talent doesn't work hard.
Carmichael Dave @CarmichaelDave
Here's to today being the first of TWO gut wrenching losses for Seattle this week.
When things like this happen it really is hard to know who's on top of anything.
you've got some reporters saying this is over, some saying it's not even started, so who's correct? Hard to say really.
SACRAMENTO KINGS - A Family Tradition - The passion runs deep with fans of this team.
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THANK YOU KEVIN JOHNSON! #WeAreSacramento - May 17, 2013