Sacramento Is Fresh Victim of Bad Stadium Deals

[xchrom]

http://www.bloomberg.com/news/2012-04-16/sacramento-is-fresh-victim-of-bad-stadium-deals.html

Officials in Sacramento, California, are furious that the owners of the Kings basketball franchise, the Maloof family, said they are backing out of a handshake deal in February to invest $73 million in a project to build a new arena downtown.

This publicly funded stadium issue has raged in cities across the U.S., including Indianapolis, where the highly subsidized Lucas Oil Stadium was host to this year’s Super Bowl, and Minneapolis, as Minnesota legislators ponder a deal to build a new football stadium for the Vikings.

But the story in California’s capital, a city of 2 million with a perennial inferiority complex borne of being overshadowed by the Los Angeles and Bay Area media markets, is not about the details of the deal or the wiles of mercurial owners of National Basketball Association teams. It’s about the foolishness of city officials who pin urban renewal hopes and taxpayer dollars on sports complexes despite the public’s declining willingness to pony up the cash.

News articles over the weekend quoted fans who feel betrayed by the Maloofs, but these feelings are hard to quantify. Some residents are no doubt upset, but others openly question whether this is the best use of public resources, especially at this time. Although the economy isn’t as bad in Sacramento as in some other California locales, it’s still depressed, and city finances are stressed.

[KG]

1. sports stadiums = corporate welfare

[xchrom]

2. indeed. nt

[Bennyboy]

5. Economic engine...

Jobs in building the stadium, jobs at the stadium. People throwing money at restaurants, bars, etc on the way to and fro the stadium. I got to Pac bell park all the time and remember when it was NOTHING. the center of SF's homeless population. There was an RV park right there that you wouldn't leave cuz the surrounding area was so dangerous. Now there are high rises, thousands of condos, restaurants a plenty and new development that is huge etc. That area China basin, is boom town thanks to the ballpark.... Same goes with the Rose garden in Portland.



Especially this one at the site of this project. It would invigorate a downtown area that is in dire need of that...

[msongs]

11. let the millionaire jocks and billionaire owners build the stadiums - the benefits will still occur

[Bennyboy]

3. As a Sacramentan, that article is so slanted

that it is not funny.

The Mayor screwed this up, KEVIN JOHNSON. He was the one who grandstanded the whole thing when he knew there were still major issues remaining to be resolved. And thanks to that, The Maloofs, had to do something publicly, becsue Johnson's heavy handedness left them no alternative.....

And there is no doubt that an arena at the railyards would be a boon to the downtown area. Go to Pac bell park and see how that turned out for SF. OR the Rose garden in Portland.

Some things I don't get however.

Selling off the parking? If it is that profitable, why not keep it for the city? Bringing in a third party to operate jsut adds a layer of profit that would go to the city. And bringing in AEG? Again another layer of profit.

I get that they are going to use the money from them to help fund the stadium, but that too me seems short sighted.

But for now, Kevin Johnson needs to go. That right now is the only way the arena deal will go through. The Maloofs don't like to be played and he played them.

[Ecumenist]

6. I'm a Sacramentan too, BennyBoy, (Natomas here), and while it's not Johnson's most stellar

point in history. HE WASN'T THE ONE WHO FUCKED UP. You know the Maloofs L.I.E.D about the things they put forth in that f*cked up conference and they've been playing games SINCE THEY BOUGHT THAT TEAM! Remember the attempt they made when they went behind the public's back in to make a backroom deal during the time when we were voting on those two bonds a few years ago? You know the one's that were voted down? Believe it was in 2006


Have you seen what they were trying to get? They didn't want to advance ANY expenses, they wanted to get the lease cut from 30 years to 15 years; the wanted rent paid on the new stadium to be DIRT CHEAP..They are straight up liars and you know as well as I do that when it comes down to it, they're BROKE.

Funny how they were saying the NBA required them to get the new stadium and suddenly they are amenable to renovating Arco...REALLY? when the commissioner was flat out asked about they're statement that the NBA required it, HE said that he didn't care.

Now, they're calling season ticket holders, BEGGING them to continue to support them because they've realised they shot themselves in the foot with a cannon and KJ IS THE ONE WHO MESSED UP? REALLY? Yeah right. Frankly, I hate the Maloofs and it finally dawned on them that they chewed off the hand that fed them and are trying to backtrack and clean up the mess THEY made....As far as I'm concerned, they can go to hell. The people who spoke on their behalf, the lawyers and economist were hired by the and of course wouldsay what they wanted them to say. That Economist isn't well thought of either.

[DonCoquixote]

12. A real housewife

It is surreal when you watch the Real Housewives of Beverly Hills, and they actually cover the controversy, where Adrienne Maloof (one of the stars) is fearing for her life, as if she was Jaqueline Kennedy. It was blatant propganda for them, disguised as entertainment.

Of course, this is the same lady who always throws a party in the high 5 low six figures, then wonders why all her castmates have fights there that make "The Bad Girls club" looks like Tea at Vuckingham Palace. That show is junk food, but it really does put to rest the idea that the rich got their money by being smarter or virtuous. The Beverly Hills ladies show themselves to be less civilized than prison inmates.

[Ecumenist]

13. I've never watched that show but I can believe it. Is she a wife ot a sister? The Maloofs

INHERITED their money. DADDY MALOOF MADE THE MONEY and they've crapped it away. I read that they've lost most of their ownership of the Palms, (I believe it's at 2%) and they've been losing money like water. They HORRIFIC business people. Wow, "...less civilised than prison inmates". That's saying a lot.

Why is she fearing for her life? Does anyone even know who she is? I mean, unless they watch the show, that is...

[Bennyboy]

16. Yeah it has been hard to lose money in Vegas...

Seriously, who isn't hemmorraging money from Vegas investments in the 90 and 00's? Anyone who made them is, so I can't fault them for that. Kind of hard to make money, AS ONE OF THE FEW INDEPENDENT owners in all of Nevada.

It is almost like you are so jaded against them you can't see another side to the story. I don't like them much either, but You gotta give them props for staying and for staying now for another year past this one. The Maloofs could have made the deadline prior to the NBA relocation deadline but instead chose to ignore it.

When they left NY and KJ made the big announcement about a deal being reached he way over stepped his authority. There was no mention of "handshake deal" No, it was a deal in his eyes and he sold it that way. And then he really did it at the game where he raised their hands in triumph.

He was trying to force the Maloofs to take the deal, and do it publicly.. And for the Maloofs, it was a bad deal so they passed. And as business people, they have ever right to do that and try to work to a better deal.

The problem is right now, is Kevin Johnson. There will be no arena deal with him as mayor. The Maloofs will not deal with him at all again. They know that he is a shit bag (takes one to know one) and it will be a non starter while he is mayor.

[Ecumenist]

17. BUSINESS PEOPLE AND THE MALOOFS do not belong in the same sentence. They messed fired

Adelman and then actually tried to get Phil Jackson to come north. He's not stupid. They have gone out of their way to drain that franchise dry and made decisions that they had no business trying to make.

You have a bias against Johnson and that's your perogative BUT don't try to tell me that the Maloofs were straight forward when I have ears, eyes and a brain. Are you originally from Sac? If not, how long have you been here? I remember when they first got here and even when they sucked as badly as they have come to suck again, they sold out just about eve home game; were legendary for their fan base.

The Maloofs has pissed that away and have singlehandedly turned what was a rabidly loyal and proud fan base into one which is determined no to show up to one game. You've got to know what has been the buzz over the local net, radio AND TV.

Do you really believe that KJ put a gun to their heads and just forced them to cry crocodile tears, (along with the attendant hiccups and inability to talk-they were over come with relief and emotion, doncha know) and tell God and all his creation, both in ORLANDO and here when they went to the city council meeting last month that they had a deal? REALLY? There's nothing wrong with having an opinion but when one purposely works to try to ignore, deny and obfuscate what has been playing on the local broadcasts for the last 5 days is a blip! lol

just this morning on KTXL, there was a segment where they replayed the calls the Gavin made to Season Ticket owners. Two of those called were interviewed and both of them said that they didn't believe one word Maloof said. NOT.ONE.SOLITARY.WORD.

But, I forgot, it's all KJ's fault. Even though he along with the all the members of the committee involved in this mess resented the 17 page red lined document that was time and date stamped and proved that the y didn't recieve it UNTIL FRIDAY!! You are in a VERY small number of people who still believe these grifters and liars. It's yiur choice but I prefer reality.

[Bennyboy]

19. Been here in Sac since 1955.. Third generation.

In fact my Grandma probably farmed where your house is right now in natomas. When I was a kid there wasn't another house within a mile. Ride my horse out to where the Airport is now and down to the river. John Cameron's property (Of Cameron park)


I am curious if you have read the interview with the Maloofs in the Bee yesterday? I twas very informative and they do have a paper trail supporting their position.

As for people not trusting the Maloofs, well who does? The press, especially the TV have made it out to be the Maloofs and have been very critical so I don't expect anyone in Sac to support them. I don't either.

But
There are two villains to this story. KJ grandstanded everything and it blew up in his face. And that means that a deal will not be done. We cannot replace the Maloofs, but KJ we can replace.

And the fortunes of the Kings? Well Adelman didn't want to stay he saw the writing on the wall once CW went down. So let's not blame that on them. They would suck even if Phil jackson was the coach....because they no longer had, nor could they acquire, superstar players. People, especially NBA players, don't want to go to Sacramento PERIOD. Only Vlade Divac could convince anyone that Sac was a good town to play in. Webber, when he came, pouted until Vlade convinced him it was going to be okay. I know this, the KINGS were my customers for a long time.

See and that is how I can tell you are so anti maloof, that it is clouding your thoughts here. There are a ton of mitigating factors in play here. The same factors that have destroyed a lot of people's lives rich or not. the Vegas thing? Well that is vegas for ya. Almost every property there is in trouble. Theris is an indy property so there is no big conglomeration to share the losses or hide the losses.

[Ecumenist]

20. I am anti-maloof because THEY LIED!!!!! How hard is that to understand? Once you lie

and show contempt, that's enough for me never to believe a bloody thing you say again. I read everything that been published, watched their press conferences and they destroyed any respect I had in them.
You see, Benny, I take exception to people who pee on my leg and tell me it's raining. I hate to tell you this but those creep have NO INTENTIONS OF STAYING HERE IN SACRAMENTO and have been looking for any reason to leave almost since they first bought the team.

As far as Vegas goes, you may just blow it off but I have contacts in the industry there and to say that they're inept would be generous. You have your opinion and I (AND A WHOLE LOT OF PEOPLE),have mine. They ARE NOT respected in the casino industry or amongst many of the team owners. AS I said earlier, THEY CHEWED OFF the hand that fed them. Now, they will reap what they've sowed.

[DonCoquixote]

18. apparently

someone had called death threats to the radio station; because of that, her security begged her not to sit in "box M" her private booth. Any yes, they did INHERIT it.

[Bennyboy]

14. Oh I don't like the Maloofs... at all....

and I know that they cannot be trusted but the deal fell apart when KJ went to them and raised their hands at the game.... The rest could have been worked out. Typical in that type of negotiation. Squeeze as much as you can out of the city. The Maloofs aren't the first to do it and certainly won't be the last.

[Ecumenist]

15. Yes, agreed but they're a particularly stinky type of disgusting. Now, they've almost certainly

guaranteed the fact that 3 people and a dog named Fred will be the only ones in the arena for home games. Probably will be completely bankrupted 3/4 of the way through the season. I say, good for you, couldn't happen to a better bunch.

[cherokeeprogressive]

4. A "handshake" deal over a $73 million investment?

Whoever thought that was worth going forward with is an ASS.

[Ecumenist]

7. Cherokee, they were all over the airwaves here' snotting and sneezing about how happy

they were, (the Maloofs) about reaching a deal and staying in Sacramento. That statement about the Handshake is a bit deeper than the way that it's being portrayed.

[cherokeeprogressive]

9. Understood. n/t

[spanone]

8. this is a scam on every city seeking a franchise....

why should tax dollars go to building sports stadiums? they shouldn't.

[qb]

10. About the only sensible thing I've heard from Minnesota Tea Party legislators

is that Minneapolis' referendum law be followed before taxing citizens to fund a Vikings stadium.
Hennepin County and the legislature side-stepped the law and taxed us to build the Twins stadium (which then Gov. Pawlenty was dedicating as the I-35W bridge fell into the Mississippi), and they're trying like mad to do it again.