Marcos Breton: Maloofs' Deal Looks Desperate

The Sacramento Bee ^ | 03/27/11 | Marcos Breton

[Judges Gone Wild]

As more information surfaced about the Kings' potential move to Anaheim, the deal itself appears to be as much a bailout of the team's owners as a relocation of the franchise.

The proposed venue contract that would make the Honda Center the Kings' home contains a massive loan to the Maloof brothers.

It also contains a major about-face. Previously, the Maloofs demanded control of any and all revenue streams related to a new arena in Sacramento if they were to keep the Kings here.

Read more: http://www.sacbee.com/2011/03/27/3506318/marcos-breton-maloofs-deal-looks.html#ixzz1HvtRJKIz

[Judges Gone Wild]

Here’s The Kings’ financial outlook: http://www.forbes.com/lists/2010/32/basketball-valuations-11_Sacramento-Kings_327146.html

Meanwhile, the City of Anaheim is looking to issue $75 million worth of bonds to upgrade Honda Center, including a $50 million loan to the Maloofs.

The Maloofs already owe the City of Sacramento $70 million for a loan the city gave to the previous owner, developer Jim Thomas. If the Maloofs don’t repay that loan, the taxpayers are stuck with an arena, some land, and a $25 million stake in a team that lost $13 million over the last two years. Taxpayers, don’t lend money to sports franchises.

[OldDeckHand]

Millionaire welfare - for the owners, the management and the players.

If you can afford to pay a grown-man $30M/year to dribble a basketball up an down a court, you can damn-sure afford to build your own stadium WITHOUT money from the local idiots taxpayers.