Financial Troubles for the NBA: Kings and Pacers on the Move?
According to the Boston Globe, Sacramento Kings may end up moving to Anaheim. They are currently in playing Arco Arena labeled NBA’s worst stadium by Sacramento Bee. It opened in 1988 for about $40 million. Last Friday, Joe Maloof met with Sacramento Mayor Kevin Johnson to talk about the team’s future and possibility of a new arena.
Maloof seemed pretty confident, saying “we’re going to get something done”.
But this seems highly unlikely; NBA officials released an ambitious $1.9 billion development plan for Cal Expo which would include a new arena for the Kings. They believe the new arena would cost upwards of $600 million. This seems like a great idea, lets finance a new stadium with tax payer money, while cutting city services.
Meanwhile, it is estimated that Pacers will lose $30 million this season and have lost money every year except two during the last 28 years.
Pacers are saying that they simply cannot afford the $15 million per year operating costs of Conseco Fieldhouse. Conseco Fieldhouse is currently owned by the Capital Improvement Board, City of Indianapolis. So there is a good chance Pacers might leave if the Indianapolis Capital Improvement Board does not pickup those costs.
But the CIB cannot help with the cost, because they are also facing a $43 million deficit.
Rumors around the league reveal San Jose, Kansas City, Seattle, and Las Vegas are potential future NBA homes. It might be a good idea for the Pacers to move, since they were last in the league in attendance.
But can you image Hoosier state without a pro basketball team?
Comments
Not a pacers fan, but that would definitely be unfortunate to see Indiana without the Pacers.
As for the Kings, they have always had loyal fans, but obviously, without a profitable area, there is a problem. I think they will get something done there though.
I think Indiana has a better chance then the Kings. I think the maloof brothers will go for the money…
I’m from the Anaheim area and I’ll be glad to take either of those teams! Ok, the Pacers, if I had to pick.
I imagine something can get done in Sacramento. The Maloof family has a billion dollars…that’s probably enough to build an arena, huh?
[...] being 121 to 94. But while the Kings did a good job on the court it seems that they might have a lot more problems in the financial department according to this [...]
I would love to see the KIngs move.. What comes around goes around Sac town.. We here in KC know all to well..
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