George Maloof, the brother of Sacramento Kings co-owners Gavin and Joe Maloof, held a tense press conference on Friday to attempt to explain why the Maloof family has asked to re-negotiate a handshake agreement for a new arena that would keep the team in Sacramento. During the press conference, George Maloof declared that the deal between the Maloof family, the NBA and the city of Sacramento would die if the city did not return to the table.
George Maloof Says Sacramento Kings Arena Deal Will Die Without More Negotiation
“If [Mayor Kevin Johnson] says he’s not negotiating, then he killed the deal,” Maloof said. “It’s over.”
Johnson, in a sternly-worded letter that was leaked, informed the Maloof family that the city had no interest in adjusting the terms of a handshake deal approved by all parties six weeks ago. The Maloof family is objecting to several aspects of that deal, including the call to provide $3.2 million in pre-development fees towards the new arena.
George Maloof did affirm his commitment to keeping the franchise in Sacramento and characterized the objections as the family doing their “due diligence” on the terms of the deal. George Maloof even proposed that the city could renovate Arco Arena, where the team currently plays, as an alternative. However, given that the family did publicly support the handshake agreement before, even thanking the city for their support, it raises questions about their true intentions.
For more on the Kings’ relocation situation, visit Sactown Royalty.
See More:
