Statement from the Sacramento Kings
New York – April 13, 2012 -- Despite best efforts to negotiate an agreement with the City of Sacramento, and at the conclusion of a meeting this afternoon with Mayor Johnson, he advised us that there is nothing to be gained by continued discussions at this time.
We are committed to remaining the Sacramento Kings.
We only received a non-binding term sheet regarding a complex $400 million transaction 8 days before the Mayor’s deadline of March 1st. From the moment we received it, we expressed our serious concerns with many of the proposed terms and conditions. Even now, these concerns have yet to be addressed by the City.
The negotiations that have occurred surrounding, as Commissioner Stern said repeatedly today during his news conference a “non-binding framework”, never resulted in a deal that was good for the City or good for the team.
We are going to continue to work hard building our exciting young nucleus into a play-off contending team that all Sacramento citizens will be proud of.
We want to thank our loyal fans.
We love Sacramento and we will continue all of our civic and charitable involvement that over the past 15 years has resulted in more than $20 million in cash and in-kind donations to more than 200 community organizations.
About Maloof Sports & Entertainment (MS&E):
Maloof Sports & Entertainment includes the Sacramento Kings and Power Balance Pavilion. Owned by the Maloof family with long-term, local partners, the organization is committed to being a contributing member of the Sacramento community. Teaming up with local leaders and non-profit organizations to give back to those in need throughout the region, MS&E has donated millions of dollars to charity in 12 years of Maloof family ownership. For more information about Maloof Sports & Entertainment, please visit Kings.com, PowerBalancePavilion.com or call 916-928-0000.