Friday, March 4, 2011

Sacremento Kings to Play in Anaheim next year!!!!

Sacremento Kings to Play in Anaheim next year!!!!

I know there has been a lot of buzz surrounding the Melo trade to the Knicks and the Heat struggles, but I cannot believe this has flown so far under the radar.
Links
http://www.nba.com/2011/news/feature...ure/index.html
http://bleacherreport.com/articles/6...ing-to-anaheim
http://articles.ocregister.com/2011-...s-new-deadline
http://www.msnbc.msn.com/id/41726150...nge_county_ca/
http://www.sacbee.com/2011/02/23/342...-about-an.html


Just an update, the Kings had until March 1st to submit it's relocation request. They asked the league for an extension. the extension was granted until mid-April (the next NBA owners meeting). Initially, the Clippers and Lakers wanted to block the move but it seems as if the will receive 30 million each in territory fees. The other teams will split another 40 million in relocation fees, so the other owners should be on-board with it as it does not affect their business.

The real issue in financing. The Maloofs are not doing as well as people think. The Palms hotel is struggling in Las Vegas due to the economy and the older members in the family will not let them liquidize some of the 750 million in assets the hold with Wells Fargo.

The owner of the Honda Center in Anaheim has agreed to give them a 100 million dollar loan to pay the relocation and territory fees in exchange for partial ownership. This would turn into a larger chunk in the event that the Maloofs default on the loan.

The Maloofs have tried for 10 years to get a new stadium as, outside of Milwaukee, Arco Arena is the most antiquated stadium in the league. Other notes, the Maloofs were considering Las Vegas, San Diego, San Jose and Kansas City.

Las Vegas was ruled out as the stadium is not of NBA quality. San Jose was not a large enough television market. San Diego would bring too much competition with the Padres and Chargers and they have an OK stadium. Kansas city was heavily considered as the Kings once resided there and they have a new state-of-the-art stadium but the market is too small population wise and with regard to the TV market.

Anaheim has access to 12 million people in the southland and a potential TV market of 25 if they can gain some traction in LA (this is unlikely as LA fans are die-hard Laker fans and the Clipper fans have new-found interest with the emergence of Blake Griffin).

So SoCal fans would you all support the Kings in Anaheim?

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