Sacramento Business Group Calls For NBA To Seek New Kings Ownership
SACRAMENTO (CBS13) - As the Maloofs were readying to the address the other NBA owners in New York City on Thursday, back across the country a group of Sacramento business owners were calling for the family to sell the team.
The group held a 10 a.m. press conference at the downtown railyards, site of the proposes $391 sports and entertainment facility, announcing a letter being sent to NBA Commissioner David Stern asking the league to pursue new ownership of the Sacramento Kings. The letter was signed by 25 business leaders.
The group thanked the Maloofs for their contributions over the years to the city and to area charities but said "at this point we believe it is time for the Maloofs to sell the team, for the good of the city and in the interest of advancing Sacramento's effort to build a downtown arena."
The group said the city deserves an ownership group committed to the region long term and it also questioned if the Maloofs have the financial wherewithal to put forth a competitive product.
The Maloofs issued a response Thursday through Eric Rose, a lawyer based in Los Angeles who has been serving as a family spokesman in the arena negotiations.
"We are saddened and disappointed when members of the community, who are not fully informed on the true details of the complex dealings in this arena process, choose to criticize us publicly today at a news conference," the statement said.
It went on to stay, "We share in the community's frustration on forging a workable agreement on what is ultimately a $400 million transaction that will impact the region for many years to come. However, 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. We only need to look a few miles south to Stockton to learn the lesson of what a bad arena deal could cost the taxpayers."
Grey Hayes, a member of the arena task force who organized the effort Thursday, says there are at least two viable investors prepared to buy the team. Sources have told CBS 13 that billionair Ron Burkle is still interested, but Hayes says another California-based group of investors with interests in Sacramento are also stepping up.
"The Maloofs talk about marriage, but they won't buy the engagement ring," he said.
The Maloofs have repeatedly said they have no interest in selling the Kings. They were going in front of the other owners in New York City on Thursday to detail their objections with some of the details of the non-binding term sheet for the new arena that Stern helped negotiate several weeks ago.
In particular, the Maloofs say they should not have to pay $3.26 million as their share of predevelopment costs for the new arena.
CBS13's Ben Sosenko is in New York for the two-day NBA Board of Governors meetings. Check back at cbssacramento.com for details of the Maloofs' presentation to their fellow owners or watch the CBS13 news at 4, 5 and 6 p.m.
Follow Ben's updates on Twitter: @BenSosenkoCBS13
