Maloofs pledge to contribute $150 million for new downtown arena

[ZigZag]

The city and the Kings have reached the framework of a deal to build an arena and keep the Kings in Sacramento. Team co-owner Gavin Maloof came out of negotiations in tears to announce that the team has made a long-term commitment to the capital.

George Maloof said Monday morning that his family would put in "close to $75 million upfront, probably another $75 million over the term of the agreement."

"We got something worked out, tentative. We're all very excited about it. We were skeptical about whether or not something could happen."

Asked about the family's ability to afford such a deal, he said, "We can finance that."

He said that in this morning's negotiations, "We kind of bridged the gap of where we needed to be."

Joe Maloof said the long-term portion of the team's contribution would be funded in large part by surcharges levied on tickets for arena events.

"We've always said we wanted to stay in Sacramento, and now's our opportunity," he said.

Check Sacbee.com for updates.

Read more here: http://www.sacbee.com/2012/02/27/4294815/sacramento-kings-have-reached.html#storylink=cpy

hmmm could have potential.

 

[Stro]

One (big) step closer to keeping the Kings.

Good news.

 

[jonathanlambert33]

Good for Sacramento.

 

[RipCity32]

Yeah, really is good for Sacramento.
People in Seattle are mad as fuck

 

[Stro]

Yeah, really is good for Sacramento.
People in Seattle are mad as fuck

I was just thinking about how mad people in Anaheim would be. They were so close to getting the Kings last year. I know it probably doesn't hurt them that much since they're so close to the Lakers/Clippers but even still, they were so close.

 

[jonathanlambert33]

Yeah, really is good for Sacramento.
People in Seattle are mad as fuck

The people in Seattle were mad as fuck that OKC took the Sonics and they hate anything and everything associated with OKC, but they are perfectly fine with taking someone elses team.

It's funny.