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OK, I’m getting a little ahead of myself. The Sacramento Kings of the NBA have not completed all of the steps necessary to move the basketball franchise to Anaheim’s Honda Center, but the fact that the City Council of the City of Sacramento has hired lawyers for the sole purpose of making sure that the $77M bond debt is retired by the team before they move is a pretty good sign that everyone thinks that this is a fete a complis. I am a huge basketball fan but even a bigger fan of protecting the use of tax dollars so I was frankly more interested in knowing what Anaheim gave up to grap this jewel than I was in figuring out who “our” next point guard was going to be. I can never understand why cities fall over themselves to build new NFL stadiums OUT OF TAXPAYER dollars for an industry that divides NINE BILLION DOLLARS a year between players and the owners.
I have been pleasantly surprised by what I have found so far – NO PUBLIC MONEY. Now we have all heard this song and dance before only to be shown to be suckers. According to reports coming out of both Anaheim and Sacarmento although the City of Anaheim is issuing the $75 million in bonds, the deal is really being financed by Henry Samueli, the Orange County billionaire who manages the Honda Center and owns its hockey team, the Ducks. The city is involved because it owns the arena. But in effect, Samueli is loaning the money to himself, with the city as a conduit. The $75 million will go toward arena renovations and other costs, including an NBA relocation fee. Two-thirds, or $50 million, will be loaned to the Maloofs.
If this turns out to be the case, then I view it as “win win.” A new attraction for the City of Anaheim and no impact on the distressed public treasuries.
Please explain to me why it is government’s job to recruit professional sports franchises.
If a billionaire wants a franchise let him buy it.
*Tonio, Tony, Dude – you can always complain when government does something stupid…
there are so many occasions to choose from. In this case, Mayor Tait and the folks actually
made an intelligent choice. They didn’t ask to get kickbacks for Redlight Cameras….they didn’t
ask that folks throughout the city add money into their various Business Improvement Districts..They didn’t even ask for eminent domain……good grief how could they miss that one?
All that aside….congrats So Cal…..we now will have three wonderful teams to collect jerseys from and make our own special NBA love child. Maybe one of the Kardasians will even marry someone on the new OC Royals….we mean Anaheim Colonists Royalty!
So Tony…..applaud rather that offer some unsupport…..for once. Don’t worry, they will be back to their old tricks pretty soon…..anyway!
But you didn’t answer my question. Why is it the government’s job to recruit sports franchises?
Those billionaires can plunk down $75 mil like pocket change. Let ’em do it and god bless!
Tony.
Local government officials compete for sales tax dollars. To that end they are addressing economic development. Unlike the fight in the Bay area to see which city will get the SF 49rs in the form of redevelopment agency debt, this APPEARS to be a private transaction with Anaheim simply being a conduit.
I support Tony should he oppose the 49rs moving to Santa Clara. We have multimillionaires supporting a “feel good arena” for city council members that may or may not pencil out with taxpayers on the hook to make the payments.
If our legislature had agreed to support governor Brown’s plan to kill RDAs this concern would have been taken off the table.
Why should government act as a conduit in a private transaction? Once they do it’s no longer a private transaction.
Governments pilfering any kind of revenue from each other is wrong – whether Redevelopment is used or not.
No offense Tony, but I would hope that you have bigger concerns about government abuses and corruption than you would about a deal that is using ALL private money. If the public till is tapped on this one, I will be right there with you.
I have lots of concerns about government, large and small. I try to address as many as I can.
Government involving itself in big, private business deals is what socialism is all about.
So I repeat myself: why can’t the owners of the Honda Center swing this deal by themselves? They are billionaires. Here’s why they don’t have to: because they can get repuglicans to sell a bond and keep them from having to put a nickel up front.
And they can get dopey pro sports fans to stand up and cheer government interference in free trade.
That is all.
Tony Bushala I agree with you 100%. If team Samueli/Maloof didn’t have the city staff and the city council bozos to do their bidding, they would have made the deal themselves, that is if they really wanted to make a deal.
But now the pugs & co. can get box seats with special interest, parties, bbq’s, comp tickets, cocktails, special privileges/treatment, the works while watching a bunch of over paid acrobats pushing, jumping, throwing and shooting a stupid ball.
Score: Big Guvment Cheerleaders 10, Limited Gov Advocates 0
Good job Geoff, Winships, & Larry.