Golden State Warriors, Alameda County, Coliseum Authority discussed on San Francisco Chronicle Sports - Spoken Edition
You're listening to the spoken edition of the San Francisco Chronicle. Warriors must pay forty million dollars in Reno debt to Oakland. Alameda County judge rules by Megan Cassidy from sports the Golden State Warriors must pay off the estimated forty million dollars in remaining debt incurred by Oakland and Alameda County for renovations to oracle arena. And arbitrator has ruled a nineteen ninety six demolition and redesign of the arena's interior cost about one hundred fifty million dollars to be paid over a thirty year period since then the Oakland Alameda County Coliseum authority has collected an annual payment from the basketball team of seven point four million dollars to help pay off the debt, but warriors are departing for San Francisco in twenty nineteen and team leaders had planned to stop making payments at that time attorneys for the city and county argued the NBA champions were trying to scuttle the remaining debt and both sides agreed to let an arbitrator make the final call. We are pleased by today's ruling and believe that it's the warriors not the Oakland and Alameda County taxpayers who should repay this debt. Call ASEAN authority chair and Alameda County. Supervisor Nate Miley said in a statement, we issued these bonds in nineteen ninety six in collaboration with the team and with an agreement in place. We've simply asked the warriors to honor their agreement. The disputes came down to the interpretation of nineteen ninety six contract signed by the warriors and the Coliseum authority. The joint powers entity created to finance and manage the sports complex. That's also home to the as and raiders essentially, the disagreement was over the side's interpretation of the word terminates the paragraph at issue says that if the warriors terminate the agreement prior to twenty twenty seven they are obligated to pay the outstanding project that an court filing attorneys hired by the team said that Klaus would apply only if the warriors were actually terminating the contract, rather they said they are allowing the agreement to expire in June twenty nine. Eighteen as they depart for San Francisco judge Rebecca westerfield, the arbitrator in the case noted in her ruling that warriors president Rick welts testified that the team's decision to leave. The arena was a deliberate choice. This action by the warriors deliberately electing not to exercise an option and thus bringing the license agreement to an end can be construed as a termination for any reason westerfield wrote and her Thursday ruling attorneys for the warriors and the Coliseum authority were made aware of the decision Monday. This was an after the fact attempt by the warriors to rewrite the party's deal, and it would have left the people of Oakland. Alameda County holding the bag Daniel pursell and attorney for the city and county said in a statement warrior spokeswoman Lisa Goodwin said the team obviously disagreed with the arbitrators interpretation of the license agreement. Of course, we are reviewing our options at this time. She said in a statement. But as we've always said, we will fulfil any debt obligations that we owe.