Sacramento group asks commissioner to urge Maloofs to sell Kings
A group of Sacramento business leaders sent a letter to NBA Commissioner David Stern and league owners on Thursday requesting that they urge the Maloof family to sell the Kings so a deal for a new arena can be reached, NBA.com reported.
The group claims the Kings owners -- Joe, Gavin and George Maloof -- have not negotiated in good faith, and the group questions whether the Maloofs want to keep the team in Sacramento.
"We feel it is time for the Maloofs to sell their ownership of the franchise, for the good of the city and in the interest of advancing Sacramento's effort to build a downtown arena," the letter reads, in part. "The city, the fans and the NBA deserve and require an ownership group that is fully committed to being a good-faith constructive participant in the arena process . . . And we deserve an ownership group that is not only committed to the long-term viability of the franchise in this region but also one that has the wherewithal to make it a thriving, competitive organization."
Also on Thursday, the Maloofs were scheduled to provide an update on the arena project to the NBA Board of Governors.
Family spokesman Eric Rose said the Maloofs are disappointed by the letter and that the Maloofs are not selling the team. He also said they are committed to help finance the arena, which is expected to cost $391 million arena and would open for the 2015-16 season.
"However," Rose said in a statement, "we must all remember what is at stake in the development of a new arena in Sacramento, and must insure the agreement works for all parties involved, and most importantly, the residents of the City."
A non-binding agreement was reached a few weeks ago, but, according to the Sacramento Bee, the main disagreement involves who pays arena pre-development costs.
Arena operator AEG and the Kings were each expected to put in $3.26 million for pre-development work, according to the agreement, and the city was to match that with $6.5 million. However, the Kings say their financial commitment does not include pre-development costs.
The NBA agreed to pay about $200,000 for the initial costs so the project would stay on schedule. How the rest will be covered remains an item for discussion.
