HoopsHype George Maloof rumors


August 23, 2012 Updates

One source with knowledge of the discussions said the Kings, who are looking to leave Sacramento, have been mentioned as a possible tenant. But George Maloof Jr., whose family owns the Kings, would not comment on that possibility. "We have been approached by several cities over several years about moving the Kings, and we will not comment other than that," Maloof told Inside Business. Virginian-Pilot

May 16, 2012 Updates

Ransacked Media is getting some deserved attention for publishing emails between George Maloof and the NBA from back on February 29. (The handshake deal came on February 27 in Orlando.) I'll let you connect the dotes on how Ransacked, an arena deal opponent, got the emails, but regardless, it's valuable information that I'm glad was published. Because while it makes the Maloofs' case that the Kings immediately informed the NBA of the issues it had with the handshake term sheet, the emails make an even stronger case that the Maloofs knew right from the start that their absurd demands were out of line with NBA norms, and that they were focused on making the deal as untenable as possible to guarantee its doom. Sactown Royalty

Like when George told NBA lawyer Harvey Benjamin that the team wanted to amend the term sheet to eliminate collateral on a city refinancing of an existing Maloof loan. Benjamin's response on February 29 (some 12 minutes after George sent his note): Regarding collateral, I thought you understood in Orlando that there's no way of avoiding the fact that the debt will come due when the team leaves Natomas and that the city will not refinance the debt without collateral. ... Also, the required amount of collateral will only be the amount equal to the debt, which is a big win since collateral value in excess of the debt is often required. Sactown Royalty

Benjamin instantly recognizes Maloof's angle, and instantly shuts it down completely. And remember, the NBA is representing the Maloofs' interests. It's worth noting that the Maloofs' current loan ($68 million, or thereabouts depending on recent payments) has a collateral of just $25 million. The Kings got a sweetheart loan in 1997, and they tried to push for an even sweeter deal this time. Sactown Royalty

Basically, add it all up and the Maloofs are looking for the best arena deal in the history of the NBA (which is saying something). The NBA is pushing back immediately. THE NBA was immediately telling the Maloofs that their arena demands were out of line! This is the same NBA whose arena model is essentially the institutionalized menace of threatened relocation. And when the NBA quickly made it clear to the Maloofs that these were not sticking points but ridiculous demands in Benjamin's immediate response (excerpted above), what did George do? He doubled down. He kept plugging. He leaked the story to the L.A. Times. He had that ridiculous press conference in New York. He vilified KJ and the city, and to some extent the NBA. Sactown Royalty

I know what case the Maloofs are trying to make by leaking these emails -- that their concerns were made before the City Council approved the term sheet, that despite holding hands with KJ and crying for the TV crews that they had concerns with the deal. Point made. Assertion accepted. In the process, they have shown just how absurd their position on myriad basic issues was, and have proven once again that they had no interest in legitimately getting a deal for a new Sacramento arena done. This is unassailable proof straight from George's own fingertips. Sactown Royalty

April 28, 2012 Updates

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

April 26, 2012 Updates

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

April 21, 2012 Updates
April 20, 2012 Updates

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

April 15, 2012 Updates

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

April 13, 2012 Updates

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

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