Even though there was a handshake deal on a term sheet agreement for the financing, construction and operation of the nearly $400-million Entertainment and Sports Complex made in February between the Sacramento Kinds owners (the Maloof family) and the city of Sacramento along with AEG (the ESC operator), the deal has apparently fallen apart.
According to news reports, the Maloof family, lawyers and consultants met with National Basketball Association owners and commissioner David Stern in New York this week and presented a “historical analysis of the transaction,” which basically says the city’s financing scheme and other obstacles show problems with the feasibility of the firm completion deadline at the start of the 2015-2016 NBA season.