Updating an earlier post, Anaheim’s city council just approved $75 million in privately backed bonds to lure the Sacramento Kings into becoming the Anaheim Royals.
From the Orange County Register:
In a vote that Mayor Tom Tait called “historic,” the council voted unanimously for the bonds: $25 million for upgrades to the city-owned Honda Center, and $50 million in working capital, money that could help pay for the Kings’ relocation fees.
Tait said it was a “giant step toward bringing an NBA team to the Honda Center.”
“I am thrilled. A better word â€“ I am stoked,” Tait said.
I bet he is.
But the L.A. Times had this quote:
City officials insisted no taxpayer money will be needed to back the bonds and that any shortfall in repayment generated by arena revenue would be paid by Samueli.
“It’s a Samueli entity lending money to a Samueli company; the city has no liability and is a conduit [as the arena's owner],” Tait said during the meeting. “I wanted to drive that point home: There’s no risk.”
When I hear no risk, I get scared. And incredulous.
It does look very much like a done deal. But I would not be surprised to see some miracle benefactor descend from heaven with a way to keep the Kings up north.
Me, I’m really more concerned that the Los Angeles Dodgers of Chavez Ravine are about to lose — again — to the Los Angeles Angels of Anaheim. That’s not the kind of Freeway Series I was hoping to see.
UPDATE 3/30 Sacramento isn’t giving up yet. Mayor Johnson Supports ‘Cease’ Letter To AnaheimShare on Facebook