FanPost

Redlined Term Sheet Remembered

In seeing that George Maloof is now calling out KJ as being a liar, I couldn't help thinking about how the last deal was blown up. We remember the video. Remember the term sheet? The non-binding term sheet? How about the Maloof-redlined version of term sheet? That term sheet was negotiated between Sac and the NBA acting on behalf of the Maloofs. There were handshakes and tears and half-court celebrations. There were also a few tweaks the Maloofs wanted. Here are some highlights courtesy of the news10 site:

Some highlights of the Maloofs' wanted change[s]:

Kings did not want to provide collateral for re-doing bonds
Kings did not want to sign a 30-year agreement to keep the team in Sacramento for 30 years
Kings did not want to pay pre-development costs
Kings did not want to pay game-day operating expenses
Kings not want to pay for municipal services (Police, traffic control, medical etc.)
Kings wanted several sets of deadlines, and would have the option of pulling out if not met.
Kings wanted non-disclosure of transaction and financial details


You can even check out the pdf yourself

I post this for our own bemusement. But I also post this for friends not quite as familiar with this family. George Maloof is quite the piece of work. You've lain down with a dog of the mangiest sort, and that itching you're feeling is fleas. Maybe Hansen didn't think he had a whole lot of options, and maybe he tried to mitigate these is various ways, and maybe there's even the seed of a heroic act in that, but it looks like George has gotten out of the box. Oh, well, tough shit.


(This is a FanPost from a member of the Sactown Royalty community. The views expressed come from the member, and not Sactown Royalty staff.)

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