There’s a deal on the table to kill professional basketball in Sacramento.
Anaheim city officials Friday released an unsigned lease proposal between the city and the Sacramento Kings involving owners the Maloof brothers, and Honda Center operator Henry Samueli. From SBNation.com:
The centerpiece of the agreement is an upfront $50 million loan to the Maloofs, who own the Kings franchise. The loan would actually be made by Samueli, but paid for immediately by bonds issued by the city of Anaheim. Samueli would be on the hook to repay bondholders, and the lease agreement includes a process for the Maloofs to pay Samueli back. A city staff report recommending approval of the bond issuance says that taxpayers would not be put at risk.
The bond issuance also includes $25 million for Honda Center renovations, including a practice facility and locker rooms. The Maloofs are expected to face hefty relocation fees due to encroachment on the Lakers’ and Clippers’ Los Angeles market. The Maloofs also have an outstanding $70 million loan from the city of Sacramento to pay immediately upon relocation.
via Potential Anaheim Lease For Sacramento Kings Released; Centerpiece Is $50 Million Loan – SBNation.com.
The details of this arrangement make it clear that the Maloofs aren’t negotiating from a place of strength. They’re taking on further loans, not getting substantial stakes in concessions, parking, etc. and are surrendering leverage to Samueli. Which would make you wonder why this deal is so important for them until you realize how bad things must be in Sacramento financially in order to push the owners into considering this unsigned deal.
Another pivotal part of this agreement is that there’s no risk to Anaheim tax payers. The issuance of bonds to cover the expenses for renovation of the arena means that the city can more easily pass the agreement through the city council who won’t be on the hook for a tax increase. Granted, there will still be concerns from citizens considering the dire circumstances of the city’s finances, but when has that ever stopped a government body from doing something impulsive?
With so much focus in recent weeks being on NBA players speaking out on social issues, it’s worth remembering that Kareem Abdul-Jabbar has been one of the most vocal athletes in America on these things for decades. The Hall of Fame and all-time leading scorer in NBA history addressed the Democratic National Convention on Thursday evening, urging voters to vote for Hillary Clinton in November, and opened his remarks by introducing himself as Michael Jordan, because “Donald Trump couldn’t tell the difference.”
You can watch the video of his speech below:
In the weeks since Kevin Durant announced he was signing with the Golden State Warriors, we have yet to hear Russell Westbrook speak on his former teammate’s decision. This week, ESPN.com’s Royce Young indicated in a podcast interview that Durant was telling Westbrook and others in the days leading up to his decision that he was coming back to Oklahoma City. He later walked back his report, saying he misspoke. On Thursday, Durant himself told The Vertical‘s Shams Charania that he never said any such thing, or misled Westbrook or anyone else about his intentions.
“It’s false,” Durant told The Vertical on Thursday. “I didn’t say that – words about me telling Russell or Nick that I would stay or leave never came out of my mouth. We met as teammates, but no promises came out of it. In this day and age, I can’t control anything people claim out there. Someone can go out and say something random right now, and people will believe it.
“I never told Russell or Nick [Collison], ‘All right, guys, I’m coming back to the Thunder’ – and then a week later, I decide not to. Never happened. I don’t operate like that. I heard people say that story, but it’s not the truth.”
So that settles that.
CHICAGO (AP) The Chicago Bulls have signed guard Spencer Dinwiddie.
The Bulls acquired Dinwiddie in a trade with Detroit last month and waived him three weeks ago. He spent two years with the Pistons and appeared in 12 games last season, averaging 4.8 points and 13.3 minutes.
The Bulls announced the move Thursday.