The Maloofs hold a press conference in New York expressing their doubt in the arena deal.
Surrounded by their legal team and advisors, the Maloofs addressed Sacramento media in New York and expressed doubt in the arena deal reached during All-Star Weekend. Below are a few notes from the family’s press conference conference this morning, followed by a portion of it in audio form.
- George Maloof remains fervent on his position that no deal was reached. Coming out of the meetings in Orlando, he says there were still “lots of unresolved issues” that needed to be addressed. He says that the family, city and the NBA agreed to address the media saying they have “framework of a deal with lots of work to be done.”
- George says they’re not pulling out of the deal. He says they’ve countered with a revised term sheet of their own, but that they’re frustrated with the lack of feedback from the city. “My gut tells me that it’s challenging. However, if I can hear back from the city on our terms; the mayor says he’s not negotiating, then he killed the deal and it’s over.”
- The family says that they’ve been critical about paying predevelopment costs right from the get-go. George Maloof: “Who would want to pay a predevelopment fee? Then have your partner pay a predevelopment fee and then if the project didn’t work, (you’re) reimbursing you’re partner? How is that fair?”
- George Maloof says they’re not asking the city to invest more money into the deal. “Absolutely, not. That’s not how we do things.”
- If this deal doesn’t work, George Maloof says the family has offered an alternative. “Why don’t we look at re-doing Power Balance Arena, the existing facility? A lot of our customers, most of our customers, enjoy going to Power Balance or enjoy (going to) an arena at that site. We already have the infrastructure, the parking – it’s all there. The cost to the city will be a lot less…and it just seems more natural to work.”
- Is relocation off the table? George Maloof says: “No, absolutely. Not right now.”
- Gavin Maloof on his emotional reaction following the meetings in Orlando: “Well, I think it was, it was a sense of maybe there was road to get something done. Knowing that it wasn’t done, but there could be a road to get something done.”
- Gavin Maloof on speaking before city council during the March 6th meeting: “I was having a hard time understanding what they were putting up on the board because those weren’t true…”
- George Maloof was not happy with the request to sell the team from more than two dozen business owners in the Sacramento area. “I think it’s one of the most insulting things anybody could ever do.”
- At the very end of news conference, George Maloof told Sacramento reporters that they’re willing to pay their share of $73 million, but they’re unwilling to pay the roughly $3 million in predevelopment costs.
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