SeatownJay
Active member
So, while I was reading an article about what an absolute POS Kevin Johnson is (http://deadspin.com/how-kevin-johnson-d ... 1706908176), there was a link to another article from the Sacramento News & Review about KJ, the Kings, and the arena deal. Seems the mayor and the Kings may not have been entirely open with the public regarding their negotiations and the city's contribution. Shocking, I know. Anyway, here are some excerpts.
The full article can be read here: https://www.newsreview.com/sacramento/s ... d=17159293
Three Sacramento residents and their lawyers are suing the city, claiming Sacramento officials committed fraud by giving Kings investors as much as $100 million worth of “sweeteners,” including the rights to build digital billboards, and the city-owned parking garage beneath Downtown Plaza. The city gave these assets to ensure the team’s profitability, while never disclosing the real costs to the public.
In this version of the story, the mayor, the city and the Kings colluded to shift millions of dollars in costs away from NBA owners and onto taxpayers, without the public catching on.
Ranadive may have summarized it best, in an email to other potential investors Mark Mastrov and Ron Burkle, in February 2013: “The problem is that while 525m may be a justifiable price for the Seattle market it is not for Sac … Leaving aside our ask on the arena we have to make the Kings price tag more in the 325m to 350m range. So we need almost 200m in value separate from the arena.”
The full article can be read here: https://www.newsreview.com/sacramento/s ... d=17159293