The Kings' current home, Power Balance Pavilion has depreciated in value. KFBK Radio's Rob McAllister has the details:
The Assessment Appeals Board has lowered the value of Power Balance Pavilion and the property the building sits on. The Maloofs wanted the Assessors office to drop the value to $24-million from $47-million but the board believes the site is worth around $34-million based on a 2009 review. The reduction means the Kings ownership group will get a tax refund of $240-thousand if taxes were paid in full. The value of the arena and 83-acres surrounding the building is now valued at $40-million.
Why is this important? Remember, the Kings owe the city roughly $77 million on an outstanding loan issued 14 years ago. If the Kings do not repay their debt, Sacramento gets ownership of Power Balance Pavilion and a $25 million stake in the team. Do the math and the city would lose an estimated $12 million dollars if the Maloofs decide to walk away from the loan. That's your money lost, Sacramento taxpayers.
Meanwhile, Kings fans are taking arena matters into their own hands. Led by KHTK Radio Personality Carmichael Dave, an effort to raise $200 million to build a new entertainment and sports complex to keep the Kings spread like wildfire this morning on Twitter. Digital billboards have already gone live along major freeways and a meetup group was started by Kings fan Tony Peric to help organize efforts. KCRA Television spoke to Peric earlier this afternoon:
"I'm working on the website now, and it will hopefully be up and running by Friday," Tony Peric said from his Carmichael home Wednesday.
"Our goal is to keep the Kings here," the basketball fan said.
For continued updates on possible Kings relocation, follow this stream and visit Sactown Royalty.