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September 17, 2010
Consultant: Kings arena swap would be bad deal for state
The Sacramento Kings owners' hopes for a three-way land swap with the state and city for a new arena took a major hit this week, as a state consultant reported that the deal isn't in the best interest of the Cal Expo state fair. Under the plan, Cal Expo would give up its 350-acre site and get a smaller parcel on the site of the Kings' current home, Arco Arena; consultant Andrew Plescia noted that it'd be more worthwhile to just sell off a section of the current site to developers to pay for upgrades to Cal Expo.
Developer Gerry Kamilos said he's still not giving up on the land swap plan, offering a revised financial plan that he insists would eliminate a $108 million funding gap that Plescia identified as a result of "revenue sources [that] are likely to be lower than projected." Cal Expo General Manager Norb Bartosik noted that the new Kamilos plan is "significantly different" from the old, and the Cal Expo board needs to discuss whether to continue to study the plan or drop it altogether
Kings owner Gavin Maloof, meanwhile, is keeping a stiff upper lip, telling reporters, "We have to continue to work hard to try and find a solution." Maybe involving even bigger banners.
In another related story, perhaps only mildly interesting, Arco will end its naming rights agreement with the Maloofs on March 1, 2011. What makes it interesting is that, on March 19, 2007, the NBA said that should give everyone enough time to negotiate for a new arena in Sacramento.
www.nba.com/kings/news/arco_arena_naming_rights_ext.html
It's almost as if they've been hiding a drop-dead date in plain sight all this time.
I intend to go to the meeting this Friday. Hope I have time to do so.
Posted by MikeM on September 22, 2010 07:27 PM
By the way, you need to see that banner in person. It's aimed at I-5, but since it's on the other side of the river, about 1/4 mile away from the freeway, you really have to take your eyes off the road to see it -- at one of the busiest stretches of the freeway in the area.
The Bee article on the loss of Arco signage rights.
www.sacbee.com/2010/09/21/3044469/after-a-quarter-century-arco-name.html
Posted by MikeM on September 22, 2010 11:24 PM
I have been saying from the get go why would Cal Expo want a smaller site than the one they have now?
This looks great for 2 of the 3 parties involved but Cal Expo gets nothing out of this except reduced land.
This is it for the Kings as they have failed several times over the years in Sacramento.
San Jose is the most logical place for the Kings as Silicon Valley is soon going to be home to the San Francisco 49ers and the newly branded San Jose A's.
The corporate wealth and the fact the Sharks have offered $50 million to renovate the HP Pavilion for basketball is huge.
The Maloof's would be hard pressed to move anywhere else. Anaheim is already in the Clippers/Lakers market. Seattle has no arena, KC is too small of a market and in San Jose at least the Kings can stay in the same division and the Warriors need a run for their money in the market.
With NBA not having an anti-trust exemption the Kings can move right into the area without the Warriors consent.
Posted by Sid on September 23, 2010 01:14 PM
The Cal Expo Board rejected the Convergence plan today. Common-sense prevails, for once.
They're coming up with a new plan, where an amusement park moves into the current Arco Arena site and the arena moves downtown, but I don't see how it helps.
I think the Sacramento Kings won't be the Sacramento Kings after this season.
Posted by MikeM on September 25, 2010 01:45 AM