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February 25, 2012

Sacramento Topic, Maloof Family, New Arena & Kings...

Sacramento & Funding Arena With King's Maloof Family!

I don't usually post about sports or the funding of a sports arena but today I came across an article about the funding of the new sports arena for Sacramento, CA. I feel this is important because it involves the entire state, a state that has continued to cut the budgets of unemployment benefits, public schools, food stamp programs, Social Security, Medi-Cal benefits and several other programs that are depended on by many families that are unemployed due to job cuts, for the necessities needed to survive while on unemployment benefits that are running out all at the same time that taxes are being increased.

It is estimated that nearly $400,000,000 is what is will cost to build a new sports arena for the Sacramento Kings and other venues. The Kings are owned by the Maloof Family, George Maloof Sr. being a founder of the city of Las Vegas and owner of the Palms Hotel bringing in a $50,000,000 profit each year. The family owns other sports teams as well as being the biggest share holders of Wells Fargo Bank.

The Maloofs have been asking the city to build a new arena for many years now and the city has requested that the Maloofs pay a portion of the costs which is about $90,000,000. This is the reason the arena has not been built because the Maloof Family believes the city should pay all of the costs to build the arena.
This is where my opinion comes in.

There is nothing wrong with the arena the Kings are using now, ARCO Arena, which in fact the Maloofs own part of it at this time. It has hosted the Kings for years and many other venues from Disney on Ice to Monster Truck Rallies. I am not understanding the need for a new arena in a city that can not afford to help the general public let alone build an multi-million dollar sports arena.

The arean should be paid by private funds if it must be built and at this time the big push is coming from the Kings owners the Maloofs. It's simple, if they want a pretty new place to sit and watch their basketball team play than they should pay for the building.

I don't know what will come out of today's "funding talks" which include the mayor of Sacramento, a representative for the NBA and of course the Maloofs themselves plus many other people who probably have better things to do today rather than fly to Florida of all places for a two hour talk about funding a sports arena. I'm just curious who paid for the trip and why Florida considering Sacramento and Vegas are both on the West Coast?

For information on the Maloof Family see the following link: http://www.whoownsvegas.com/m.html

For more information on the arena and Sacramento see this link: http://blogs.sacbee.com/city-beat/2012/02/source-maloof-contribution-focus-of-sacramento-arena-talks.html and see the comments on the article at this link, they are interesting to say the least.
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