Tuesday, April 05, 2011

Darrell Steinberg to introduce bill to force Kings to repay loan Read more: http://blogs.sacbee.com/capitolalertlatest/2011/04/darrell-steinberg-sacramento-kings-repay-loan.html#ixzz1IghaSXGo



Thank you Senate President Pro Tem Darrell Steinberg for plans to introduce legislation this week to make the OWNERS of the Kings, not the team, repay a $77 million loan to Sacramento a loan they should pay whether the Maloofs move the team or not.
Sacramento could save and grow a lot of jobs with 77 Million.
Across the country, there are teams owned by taxpayers. The Kings is privately owned, but subsidized by Sacramento taxpayers and the billionaire owners have many investments, and not enough is put back into the KINGS to make the KINGS a winning team.
Is Sacramento ready for a Sacramento owned team?
Green Bay Packers: one of the NFL's best teams "a community project, intended to promote community welfare...its purposes shall be exclusively charitable."
Harrisburg Senators: owned by Harrisburg, Pennsylvania, “center of a redevelopment initiative. Citing the ballpark as the major link.”
Memphis Redbirds: the only professional team recognized by the IRS as a nonprofit, tax-exempt, charitable organization with “programs that foster amateur sports, enhance education and teach life skills for the future."
Rochester Red Wings and Syracuse SkyChiefs: Two fan-owned teams in upstate New York: "Both teams sold stock to the community" and are owned by "8,000 shareholders, most of whom own fewer than five shares.
Toledo Mud Hens a part of Toledo's heritage the "civic leaders in 1965 created the Toledo Mud Hens Baseball Club non-profit corporation. The team is now permanently rooted in Toledo."
Sacramento might be ready to won their on team!


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