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"A Sacramento city official with intricate knowledge of the loan agreement between the city and the owners of the Kings said even if the NBA approves a move to Seattle, the Maloofs could linger in Sacramento.That official, who spoke on background and asked that his identity not be revealed because there are ongoing efforts to keep the team here, said there are several reasons the current majority owners of the Sacramento Kings could still impact the city long after a potential sale.There is a gray area in the repayment terms regarding the outstanding $64 million loan between the city and the Maloofs.The agreement also adds a $13 million prepayment penalty for moving the team out of Sacramento.\"The agreement states repayment is triggered when the team is no longer using the facility,\" the city official explained. \"We believe that means after the last game of the season. However, it could be interpreted to mean the day before their first game in Seattle.\"It is possible the Maloofs could wait until October to repay the loan -- even after moving the team, the city source said.He added, if the Maloofs repay the loan in full, they would own Sleep Train arena and could operate as they see fit for as long as they desire.However, he said the Maloofs could opt to give the arena back to the city and offer a much lesser amount for repayment of the loan.If that happens, the city official said Sacramento would be in danger of a default scenario on its credit rating if it cannot raise the money necessary to make the unsecured loan's bondholders whole.\"We aren't obligated to repay the investors, but who wants a default notice on their credit history?\" the city official said.A spokesperson for the Maloofs said they have no comment on this issue, nor do they have any comment on what they intend to do with the outstanding loan."^^<http://www.w3.org/2001/XMLSchema#string>
<http://www.kcra.com/article/even-if-kings-leave-maloofs-could-linger/6401763>