Emails posted online by blog ranSACkedmedia show Kings owners the Maloof Family, were asking for things in the arena deal that the NBA told them not to.
The emails detailed negotiations between the NBA and George Maloof.
One email, dated Feb. 29, starts with George Maloof listing items in the arena deal that concerned the owners: the Kings not wanting to put down collateral, something that would guarantee their loan if they default; not wanting to pay game day expenses nor municipal expenses and wanting to reduce the lease from 30 years to 15 years.
The items that the Maloof Family outlined baffled Sacramento Mayor Kevin Johnson one month ago in New York City.
“They would execute me in Sacramento if I came back with a deal with no collateral,” Johnson said during a press conference.
In the emails, Harvey Benjamin, a league executive negotiating on behalf of the Kings, responded to Maloof’s concerns.
“I thought you understood in Orlando that there’s no way of avoiding (collateral),” Benjamin said in an email.
As for game day expenses, Benjamin wrote, “every team pays game day expenses. You pay them now.”
Also, the NBA was looking at other California cities to see what municipal service payments were normal, as opposed to the Maloof’s idea of not paying at all.
The NBA also said a 30 year lease for a building that is built mainly with public funds is completely normal.
However, the Maloof Family submitted a term sheet to the City of Sacramento with revisions the NBA advised against.
By Nick Monacelli, firstname.lastname@example.org