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Sacramento mayor to present counteroffer for Kings
Johnson said the Maloofs could still “participate in some way” in the new local ownership group “if they want to remain a part of this team and this community.”
The mayor called the potential $500 million to $525 million price tag for the Kings an “outrageous number.” He admits potential buyers he could pull together in Sacramento will not top that figure, but he also doesn’t believe it has to.
Johnson said the Maloof family still must repay a $77 million loan to the city and other lenders if they leave. There also could be a potential relocation fee from the NBA that new owners wouldn’t have to pay if the team stayed.
Subtracting those totals and adding the “proven support” Kings fans have shown in the past, Johnson’s goal is to line up buyers willing to pay about $400 million to $425 million for the team and argue Sacramento’s side to the league.
“We were there two years ago and we prevailed,” Johnson said. “We have a very compelling case.”
By Andrew P. Napolitano
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