The city of Sacramento, mayor Kevin Johnson and Sacramento Kings majority ownership of the Maloof family have been at odds with one another over the possible relocation of the Kings to a downtown Sacramento facility, but in a press conference on Friday morning George Maloof suggested a much cheaper renovation to Power Band Pavilion than the expensive price tag of building a new arena all together.
The Sacramento Bee reports that the Maloofs see the building of a new arena as a potential financial disaster for them and the City, and are hesitant to sign off on anything that would cost them more than they are worth investing.
"Why don't we look at redoing Power Balance?" Maloof asked. "Most of our customers enjoy going to Power Balance. ... It just seems more natural." "It's less money. There's less pressure on everybody," he said.
The Malofs had an economist present before they spoke to the media on Friday, noting hw this deal isn't very financially viable. Kings lawyer Barry McNeil noted that city officials presented their term sheet to the City Council on March 6 even though the team ownership voiced their concerns via a letter the day before, noting it was 'inaccurate and largely irrelevant.'
Maloof has continually said his family is willing to put upwards of $73 million they had agreed to pay but doesn't want to pay the $3.2 million in pre-development costs, which he suggested the city should pony up.
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