A new arena in Sacramento cannot be built within three years, as proposed by Sacramento mayor Kevin Johnson. Based on an intrinsic set of checks-and-balances in California that have delayed local stadium projects by the Giants and 49ers, the Kings can expect to need at least six years to complete a new arena in Sacramento. The current site for a new arena in downtown Sacramento may not be viable.
The Seattle group laid out the recent history of arena building projects in the Sacramento region for NBA owners. The 49ers began their project to build a facility in Santa Clara, 88 miles from Sacramento, in August 2008; the new stadium is expected to open in 2014. The Giants launched their new stadium project 75 miles from Sacramento in April 1996, and it opened in 2000. The Warriors began work on a new arena in December 2012 with an anticipated opening in 2017.
Sacramento faces numerous issues in its attempt to complete its new arena project. The proposed downtown site involves at least 25 parcels of land that are controlled by five independent owners. Two previous attempts to plan an arena at the site have been abandoned because of high costs and other complications.
While numerous reports insisted the group, now led by TIBCO founder and Warriors minority owner Vivek Ranadive, had told both the league and the Maloofs that they would match, a source directly involved in the negotiations said late Friday that the Maloofs have received no indication, written or otherwise, that the Ranadive group will match.
Nor, the source said, had the group pledged or given written assurance it would match the $30 million non-refundable deposit that the Hansen group made to the Maloofs in January. Earlier Friday, a source had said the Ranadive group had made such a pledge.
Well and it's funny to see so many posters talking about how the SAC group said they would match the SEA group's offer, when Ranadive himself only suggested after the meetings in NYC that they would do their best. The words "we will match their offer" or "we have matched their offer" never once came out of his mouth.
It will be a relief once all this drama is finished and the NBA makes their decision.
Nope, Stern is doing his job. The value just keeps going up. The owners smile at this news.
Yeah, the NBA loves this. A bidding war is awesome for the NBA. This is pretty much ideal -- two cities throwing ever more money and resources at the NBA. NBA wishes this would happen every time a team is struggling. So do all the other leagues.
Not only they won't match but there isn't a binding written back-off offer.
And the so called legal expert i doubt they asked for an opinion of a lawyer is dead wrong on two reasons #1 NBA can't accept a offer they do not own the team #2 NBA can't make maloofs take a lower offer.
At least its (hopefully) coming to an end. It only hurts every party involved to drag this on i.e. the Phoenix Coyotes situation.
I actually wont be too upset if Seattle doesnt get the team, I mean yeah we were screwed by the NBA, but Sac shouldnt lose their team in a similar scenario. Im not a fan of the "eye for an eye leaves the whole world blind," but it has to stop somewhere.
It doesn't become official until the NBA approves it, and that decision won't come until the fate of Sacramento is decided next week.
Given that Sacramento has problems matching the old bid, and Hansen has upped his bid by another $25 million, I don't see Sacramento keeping the Kings. At best they get a promise of an expansion/relocation somewhere down the road, contingent on a new arena.
What worries me is Hansen's apparent unwillingness to own an NHL team. This is eerily reminiscent of ASG in Atlanta. Hansen would have to weigh the ONE TIME $80 million in contingent funds (for getting an NHL team) versus THE ONGOING REVENUE STREAMS he'd have to forgo to an NHL team. Unlike the case in Dallas, the cost of the arena is not split 50/50 with the owner of the hockey team. He would lose the ticket/suite/parking/concession/etc revenue for 45 dates a year. A hockey team simply is not feasable without it.
If instead he booked 20 or 30 rock concerts/WWE/MMA/tractor pulls, he would get to keep that revenue. Another factor to consider is that the NHL team would be competing with NBA team for sports fan dollars and sport sponsorship dollars. On the other hand, "them Idol shows that kids like" appeal to a totally different demographic. They would be additional revenue streams, instead of cannibalizing the NBA revenue streams. Hansen could legitimately make the rents high enough that an NHL team would not be viable. Look at Paul Allen in Portland, Les alexander in Houston, and ASG in Atlanta. For a hard-headed businessman that already owns an NBA team, adding an NHL team is questionable at best.