Disputes Arise Over Arena Agreement
SACRAMENTO (CBS13) – Just a month ago the Maloofs stood in front of a standing and cheering crowd in celebration, so this is a stunning PR reversal.
With Joe Maloof seemingly avoiding answers at Monday night’s Kings game, that handshake agreement on All-Star weekend now seems all too long ago.
The $391 million proposed arena is now stuck on a $3 million pre-development payment the Maloofs won’t pay.
The Maloofs’ new Los Angeles attorney, hired two weeks ago, sent out a statement Monday:
“The Kings saw the term sheet, one week before the deadline and the Kings made it very clear to all parties that we are not going to pay pre-development fees. That is one reason why we have never signed the term sheet.”
In fact no one signed the term sheet. It was a handshake agreement on all sides that is now in dispute.
Sacramento City Councilman Jay Schenirer and his colleagues are set to vote Tuesday on the city’s part of the pre-development costs, $6.5 million.
“I do want to make sure that before the city puts out significant dollars we know where everybody is. That includes the Maloofs, the NBA and (proposed arena operator) AEG,” said Schenirer.
Meanwhile fans are left to wonder, did this long-shot deal just land in the waste basket?
“Sometimes it seems like there’s so much going on behind closed doors. As a fan you don’t really know what’s going on,” said Chris Wooten, a Kings fan.