September 26, 2006
Maloofs' King-ly demands
So while Sacramento Kings owners Joe and Gavin Maloof may insist that unless they get all the revenue from 8,000 parking spaces and a guarantee that no "competing" restaurants will locate outside a new arena, they'll take their ball and go home, the Sacramento Bee reports that no other team in the NBA has a similar deal. In Memphis, where the Grizzlies' sweetheart deal for a new arena has been held up by the Maloofs as a model for their arena plans, former city aide Tom Jones told the Bee that "I don't know how the city and county could ever agree to those terms."
The Kings owners' excuse? First off, that they were promised these terms by city and county negotiators, though public officials insist that they didn't, and no mention is made of them in the written term sheet agreed to by all parties. Second, according to Kings president John Thomas: "There's a huge difference between this project and virtually any other. We're moving a thriving business into an open field that today is a toxic wasteland." This is the same John Thomas, incidentally, who recently pointed out that most NBA arenas are money-losing enterprises. Dude, enough with the hard sell!
The article yesterday may have even been funnier. On Sunday, they pointed to Seattle and Portland as "cautionary tales" (how's that for an understatement?), but then yesterday, they pointed to Memphis and Indianapolis as "success stories," which is a ridiculous theory.
How much did Heisley recently claim he was losing? $50 million a year? With attendance falling like a rock in Memphis, ya know, that just ain't funny.
You have to see the geography here to see why an 8,000 spot parking lot won't work in these railyards. It's hemmed in by I-5, the American River, downtown, a rail line, and nearby historic neighborhoods. An 8,000 spot "sea of cars" parking lot there is unnecessary and a waste of limited land.
But if you move the arena location, then it's just a subsidy for a rich family.
I just cannot see how they reach a compromise.
Here's a tip for other pols: Don't propose anything to the voters if you don't have a signed contract merely awaiting voter approval. They don't even have an MOU at this point.
Posted by: MikeM on September 26, 2006 01:52 PM
