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George Maloof

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» Saturday, April 28 2012

Several attempts to rework a Kings arena deal with the Maloofs, the Kings owners, have ended. Sacramento Mayor Kevin Johnson said "our differences are irreconcilable" in a news conference Friday after meeting with George Maloof for several hours earlier Friday, Thursday and last week. "We worked really hard, we did everything we said we would do, and it still wasn't enough," Johnson said. news10.net

Kings co-owner George Maloof said that the framework of the deal reached in Orlando during the NBA's All-Star break, "wasn't a good deal." "You want to do a deal that makes sense, not something that the day you sign it you go 'oh no,'" Maloof said from his executive office at the Palms Casino Resort. "We didn't feel it was good for the City either, quite frankly." news10.net

 

» Thursday, April 26 2012

With Sacto arena situation still in limbo, source says members of Maloof family that owns the Kings will meet with Mayor Kevin Johnson & in Sacramento on Thursday. George Maloof has been leading his family's talks. According to The Bee, minority owner John Kehriotis & senior VP of biz ops John Rhinehart will likely attend. The sides have been talking again after their PR war, but the time has come for substantive discussions. This meeting will say a lot about which direction this is headed. Sulia

 

» Saturday, April 21 2012

“Today was wasn’t really about Plan A or Plan. Today was about ‘does it make sense for us to keep talking?’ and we both agreed it did.” “I don’t know what the hard deadline is. But I can’t imagine us going longer than another week or two. I just can’t imagine that scenario. And quite honestly, I don’t even know if we can make it today. That’s what we want to find out – when is the drop dead deadline to be able to have everything in place to be able to make 2015? I don’t know that answer. That’s what the next couple weeks is really about for all of us.” Cowbell Kingdom

 

» Friday, April 20 2012

Mayor Kevin Johnson flew to Las Vegas today, in an apparent attempt to revive talks with the Sacramento Kings' ownership on a downtown arena. After a week of trading accusations about the collapse of the arena project, the mayor arrived at the Palms Casino, whose chairman is Kings co-owner George Maloof. A Maloof spokesman confirmed the meeting. Eric Rose said the mayor showed up this afternoon unannounced at the Palms Hotel. "George graciously accepted his meeting," Rose said. "They are meeting right now." Sacramento Bee

Maloof and the mayor traded text messages the past two days about holding a meeting but couldn't coordinate their schedules. So, the source said, Johnson arrived at the Palms unannounced and was ushered into Maloof's office. Sacramento Bee

 

» Sunday, April 15 2012

Letters obtained by USA TODAY Sports show that on March 5, Maloofs attorney Scott Zolke sent a one-page letter to City Attorney Eileen M. Teichert and asked that they address "the unresolved issues." The next night, the Sacramento City Council approved the non-binding term sheet between the Maloofs, the city and AEG. On March 28, Zolke sent a one-page letter to Assistant City Manager John Dangberg that emphasizes "there was never an agreement reached" in Orlando and mentions the "the unresolved issues" again. In an April 2, six-page letter to Dangberg, Zolke writes that "the City has yet to solidify a financing plan" and questions if a facility can be built in time to open for the 2015-16 season. Though Johnson said most of this was news to him, George Maloof insists that Stern's office informed him. "We were working with the league. The league was working with the city throughout the whole year," he said. "It was our understanding that everything was getting to the city. … That was told to us by the league." USA Today

 

» Friday, April 13 2012

On Friday, the Sacramento Kings leadership group, headed by George Maloof, held a press conference in New York City to address a number of issues related to the progress of Sacramento's proposed arena. Among the various points discussed were the term sheet provided to the Kings by the city of Sacramento, the economic viability of Sacramento to build the arena, and the ability by the Kings to achieve revenue targets. news10.net

 

» Wednesday, April 4 2012

The dispute over who should cut the first checks for a downtown arena intensified Tuesday, with the leader of the state Senate saying that the owners of the Sacramento Kings "seem to be looking for every reason not to proceed" and the mayor accusing the Maloof family of "tactics and antics." The tension spilled into City Council chambers in the evening, when several council members questioned whether the Kings' owners were serious about partnering with the city after the team said it does not intend to pay a share of pre-development costs on the $391 million project. The council eventually approved moving forward with crucial pre-development work required for the arena by a 7-2 vote, agreeing to spend $200,000 provided by the NBA to fund that work over the next two weeks. Sacramento Bee

After a handshake deal was reached more than a month ago during NBA All-Star weekend in Orlando between Sacramento Mayor Kevin Johnson, city officials and owners Gavin, Joe and George Maloof, a dispute over who cuts the first checks has arisen. It centers around the brothers contributing $3.2 million of pre-development costs for the $391 million entertainment complex to open in 2015. The city council voted 7-2 late Tuesday to accept $200,000 from the NBA to pay for environmental and architecture work to allow the project to begin. But it is only a reprieve for both sides to settle the dispute, or this arena project likely will die. USA Today

This covers the time period of the NBA's next Board of Governors meeting, in New York for several days next week, when Commissioner David Stern is expected to talk with both Sacramento sides in hopes of resolving the arena/franchise issue. The Maloofs say they never agreed to contribute to pre-development costs when they settled on a non-binding term sheet with Johnson and city officials. USA TODAY Sports is awaiting a response from the NBA, which said Stern is traveling and was unavailable for comment. The league, however, referenced Stern's statement from Friday: "Following the agreement in principle that was reached on February 27 among the City of Sacramento, AEG and the Kings for a new arena, the parties have been attempting to reach agreement on funding the pre-development expenses that must be incurred in order for the project to move forward in a timely fashion. Those discussions have stalled but I have advised Mayor Johnson that the NBA will advance pre-development expenses on behalf of the Kings pending our report to the NBA Board of Governors at its meeting on April 12-13." USA Today

 

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