The plot thickens…
KFBK has learned that the majority owners have also taken out a line of credit with the NBA for roughly $75-million.
Kings’ spokesman Mitch Germann said the team used the line of credit. However he would not confirm nor deny the current balance. “As a privately held company, the team does not release specific financial figures.”
Not only do the Maloofs owe the City of Sacramento $77 million, but they also owe the NBA an estimated $75 million? Well, that’s not good (for them). I don’t even want to show you the math of this deal, but it isn’t pretty – and there is more.
Those close to the negotiations say Samueli and the Maloofs are not sure they have enough support from the rest of the league’s owners to approve the move. Kings officials have said all four Maloof brothers will be attending the NBA Board of Governors’ meetings this week in New York City to try and convince at least 15 other teams to allow the Kings to relocate.
I’m not in the business of giving false hope people, but somewhere down the line I will admit to being a skeptic of the Anaheim deal. I’m not sure when I will do that, but let’s just say that I follow the money and the money tells me something different than any of the local news reports, which all spell doom and gloom. When I do eventually put pen to paper (or fingers to keyboard as it were) and tell you that opinion, I may be wrong or I may be telling you I told you so, even though I didn’t tell you so.
There is a door that is about to open. Maybe it is more of a box than a door. For lack of a better name, let’s call that box Pandora and let’s tell everyone not to open it and look inside. If the Maloofs choose to open good ol’ Pandora, which they seem hell bent on doing, everyone is going to get a look inside and that could spell disaster for everyone involved … or at least those counting on the deal.