Foot-in-Maloof disease

From a Sacramento TV news story on the Kings arena debate that just will not die:

The Maloofs believe for them to fund an arena would put them at a competitive disadvantage when it comes to signing players. Gavin Maloof said paying $40 million a year in interest and debt service fees on a $400 million arena isn’t good business in a medium-sized market like Sacramento. “What’s going to keep us competitive,” said Joe Maloof, “Is making sure we sign the best players and you can’t do that if you’re paying interest on your facility. Interest costs eat you alive.”

Note to Joe: Perhaps when asking taxpayers to plunk down $320 million for a basketball arena, “interest costs will eat you alive” might not be the best selling point.


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