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Kings’ owner George Maloof pulls switcheroo in Sacramento

Friday, April 13, 2012

imageHigh drama at a sports news conference in Sacramento this morning, with Kings co-owner George Maloof doing a 180-degree turn and suggesting that the city scrap plans for a new arena near downtown and renovate aging Power Balance Pavilion instead. And he proclaimed that the NBA franchise is no longer considering relocation but wants to stay “and get something done.” From the Sac Bee:
His comments followed a presentation by an economist hired by the Maloofs that questioned the city's ability to build a new arena for the Kings and said the deal did not make economic sense for either the team or Sacramento. During the news conference, Beacon Economics head Christopher Thornberg, one of California's most prominent economists, said terms of the arena proposal would put the Kings at enormous financial risk and place the city "right on the edge" of financial disaster.

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