Tag:Maloofs
Posted on: February 27, 2012 2:02 pm
Edited on: February 27, 2012 2:24 pm
 

Reports: Sacramento, Kings agree to 'framework'

Looks like they were right. They are staying. (Getty Images)
Posted by Ben Golliver 

The Kings have taken a significant step towards remaining in Sacramento for the foreseeable future, with team and city agreeing to the "framework" of a stadium financing proposal, according to multiple reports.

SI.com and NBA.com reported that Sacramento Mayor Kevin Johnson and the Maloof family, who owns the Kings, told reporters in Orlando that stadium funding is on track.

"It's game over, so our community should be really excited," Johnson said, according to SI.com. "I want to jump up and down."

Johnson added, according to NBA.com: "I’m very excited. It’s a new day for Sacramento. We’ve all been working around the clock to get to this point."
   
Negotiations that involved the NBA league office, the City of Sacramento and the Maloofs took place throughout All-Star Weekend.

During his annual All-Star Weekend address on Saturday, NBA commissioner David Stern said that a deal was close but that money still separated the two sides and that "several remaining [deal] points" need to be hammered out.

"Life is a negotiation," Stern said on Saturday. ""The City would like the Maloofs to make the largest ‑‑ both have come up with very substantial contributions.  It's really getting there.  It's just not there yet.  And we're looking for other ways, imaginative ways, to bridge the gap ... It's coming down to money after all of this?  Yeah."

SI.com reports that the Maloof family will put up $73 million towards the $387 million expected price tag and an additional $60 million could follow in future years.

SacTownRoyalty.com reports the next steps in the arena funding process include a City Council vote and approval of a plan to create stadium funding from parking structures.

The Maloofs attempted to relocate to Anaheim last season but the NBA actively encouraged the family to reconsider and give Sacramento another year. Johnson has been pushing hard to keep the Kings throughout the process. The city of Seattle has also been interested in landing a team.
Posted on: June 19, 2011 8:07 pm
Edited on: June 20, 2011 9:52 am
 

Kings' Maloofs to sell Palms Casino stake

The Maloof family, owners of the Sacramento Kings, will sell their majority stake of the Palms casino. Posted by Ben Golliver. palms-casino

Everything you thought you knew about the financial troubles for the Maloof family, owners of the Sacramento Kings, just got confirmed in a major way.

The Sacramento Bee reports that the Maloofs are about to lose majority control of the crown jewel of their portfolio, the luxurious Palms Casino in Las Vegas, and are barely holding on to any stake.
The Maloof family will soon own just 2 percent of the Palms Casino, its trendy Las Vegas property, according to regulatory documents filed in Nevada.

The revelation comes just days after George Maloof, who runs the resort and is a co-owner of the Sacramento Kings, confirmed that his family had given up majority control of the casino and hotel, on which it spent about half a billion dollars over the past decade. At the time, he would not specify the size of the family's remaining ownership stake.
The paper notes that the new deal relieves the Maloof family of its debt burden and that the family can potentially buy back in.

The Palms was originally constructed in 2001 with a second tower opening in 2005. Soon after, a national economic recession took place and Las Vegas, which relies heavily on tourism, was hit hard.

The family has made a number of other moves recently to cut back on their holdings. In 2009, the Maloofs sold their beer distributing firm. Also in 2009, they folded their WNBA team and made staff cuts with the Kings.

The Maloofs attempted to move the Kings to Anaheim this year, but the move was met with resistance from Sacramento fans and, ultimately, the NBA. The Maloofs pledged to keep the Kings in Sacramento for another year while efforts to finance a new, more profitable arena continue.
Category: NBA
Posted on: April 29, 2011 5:51 pm
Edited on: April 29, 2011 6:02 pm
 

Maloof brothers are really getting desperate now

Posted by Royce Young


 
Despite an incredible grassroots effort from the city of Sacramento and even a recommendation from the NBA that the Kings remain in California's capital at least one more season, the Maloof brothers are determined to press on with their proposed move to Anaheim.

As dumb as the move may be -- that's a discussion for a later time -- the Maloofs are pulling out all the stops. Including trying to muzzle Laker coach Phil Jackson. Seriously.

Last week Jackson was asked by reporters about the Los Angeles Dodgers' situation where Major League Baseball assumed control of the franchise from owner Frank McCourt. And Jackson used it as an opportunity to zing the Maloofs.
"Oh, man. I think it's the same thing with the Maloofs in Sacramento, a similar situation there. I can see where the league had to step in and monitor that. It's unfortunate for our fans here. Hopefully, the Dodgers will recover."
Laker owner Jerry Buss has already made it clear he's opposed to the Kings relocating to Anaheim, for obvious reasons (read: money). And with Buss's position clear, Jackson has become sort of a de facto spokesperson for the Laker organization in matters pertaining to the Kings. But the Maloofs didn't appreciate the mud slung by Jackson, so what did they do? They lawyered up!

Via the Orange County Register:

The owners of the Sacramento Kings sent a representative to Brea Friday morning in an attempt to gather proof of what they perceived to be negative comments by Lakers coach Phil Jackson about their proposed move to Anaheim.

Jessica Mackaness, an attorney representing Joe and Gavin Maloof, showed up at my house to try to persuade me to give her a tape of Jackson making a comment about the Kings' efforts to relocate. Mackaness said the Kings' owners planned to turn over the tape to the NBA and Lakers in an effort to stop Jackson from making further comments.

However, the Register declined to turn over the tape. As a matter of policy, the Register does not release unpublished material gathered in the reporting of stories.

Oh. Good. Grief.

(Two things: 1) Geez Maloofs, tattle much? And 2) Why do they need the actual tape anyway. Do they think the Register made up the quote? Couldn't they just pick up that days issue or use the handy little "print" button on that story? I don't get it. Then again, I don't get any of this story.)

(Oh and a third thing I just thought of: So the Maloofs want Phil Jackson censored. Is that how I'm understanding this? They don't want him allowed to talk about this matter anymore? Are they really suggesting Jackson doesn't have the right to free speech when it comes to the Kings' relocation? Just checking.)

Jackson has just made the points we all see. (Well, even excluding three specific brothers.) It's stupid to put another team 45 miles away from the Clippers and Lakers. The Lakers hate the move because they could lose as much as $500 million in TV money form Time Warner if the Kings move. The Kings won't have a fanbase there. There's nothing that says they can make money there. The league isn't in full support. Other owners aren't in full support. This list seriously goes on and on and on.

Hammering it home even better than I, Jackson told SI.com this last week:
"I don't see any community, I don't care if it's Bombay with 25 million (people), being able to support three teams (in the same market)," Jackson said. "I know Istanbul does it with three soccer teams, and England does it in London with three soccer teams in the surrounding area, but it makes it very difficult in our community and our television area to do that kind of a thing. It will hurt all the franchises."
No word on if the Maloofs sent their attorney to SI to try and seize their website.

Via BDL
Posted on: April 28, 2011 4:33 pm
Edited on: April 28, 2011 5:05 pm
 

Report: NBA recommends Kings stay in Sacramento

NBA officials have reportedly recommended to the Maloof family that the Sacramento Kings should not relocate to Anaheim. Posted by Ben Golliver.

Earlier this week, we noted that Sacramento-area businesses met with Mayor Kevin Johnson and NBA officials to pledge millions of dollars to help keep the Kings in Northern California. The team's owners, the Maloofs, are considering relocating the team to Anaheim.

The Sacramento Bee reports on Thursday that NBA officials met with the Maloofs on Wednesday and recommended that the team remain in Sacramento.
The source said the Maloof family, which owns the team, held talks Wednesday with several top NBA officials, including members of the league's relocation committee. 
The Kings owners expressed appreciation for local businesses that have pledged $10 million in sponsorship support for next year, but also shared concerns about whether their finances can withstand several years of waiting for a new arena to be built, and whether Sacramento will be able to come up with an arena plan that is financially feasible, given past failures. NBA officials, in turn, told the Maloofs to stay in Sacramento.
The source said it appears unlikely at this point that team owners will come to a conclusion before Monday, the day set by NBA officials as the deadline for the team to request permission to relocate to Anaheim for next season.
The NBA league office is usually hands off when it comes the decisions of its individual franchises and this situation is extraordinary is multiple ways. The NBA has raised capital on behalf of its team without the team owners present. The NBA has established a strong relationship with a prominent local politician, a relationship that apparently doesn't exist between the owners and the politician. The NBA and that politician are now aligned against the owners' desire to relocate the franchise. SI.com also reports this week that the politician has met with a billionaire sports team owner who has interested in purchasing the Kings with no intention of relocating them.

In other words, the pressure in mounting rapidly on the Maloofs. If they decide to continue with their relocation effort, they'll now be doing so against the league's recommendation, a critical factor that will certainly be a matter of discussion when the NBA's relocation committee convenes to discuss the matter. Moving into a market with two other NBA teams was already a tricky proposition, but it made a certain amount of sense financially. It will be difficult for the Maloofs to argue their dollars-and-cents case if the NBA has stepped in and made significant capital-raising progress in such a short amount of time. 

The Maloofs now look like poor businessmen who didn't realize the opportunities available to them rather than solid businessmen who were stuck in a market that couldn't support an NBA team. The truth is probably somewhere in the middle but the clock is ticking and the Maloofs are losing leverage by the minute. 
Posted on: April 26, 2011 5:30 pm
Edited on: April 26, 2011 5:39 pm
 

Sacramento businesses pledge millions to Kings

Sacramento-area business reportedly pledged millions of dollars to keep the Kings from relocating. Posted by Ben Golliver. maloofs

There's no question that money talks in the NBA, especially when it comes to matters of relocation. A money-generating arena, sponsorship dollars, television deals and season ticket holder bases: these are the factors by which owners and the league evaluate markets.

Sacramento, a market that was thought to lose its team to Anaheim next season, reportedly received some great news on the money front on Tuesday, when Mayor Kevin Johnson met with NBA officials and local businesses to help demonstrate the community's financial support for keeping the Kings in Northern California.

The Sacramento Bee reports that, following the meeting, Johnson announced that millions of dollars in sponsorship money had been pledged with the goal of keeping the Kings in Sacramento through next season. 
The $10 million in business pledges aimed to show the NBA that Sacramento could financially support the team, and to convince the league to keep the Kings here rather than allowing them to move to Anaheim.
This morning, Johnson said, Sacramento businesses "made a down payment on the Sacramento Kings and this being their permanent home." Companies committing to support the team included Sleep Train, Golden One Credit Union, Zoom Imaging Solutions and Arden Fair Mall.
"We are for real and we are here to support the NBA and the Kings --not just for this year, but for many years to come," said Matt Mahood, president and CEO of the Sacramento Metro Chamber of Commerce.
The Maloof family, which owns the Kings, had taken steps to relocate the team to Anaheim and re-name it the Anaheim Royals. Now, suddenly, they are virtually invisible, with the NBA and local politicians essentially conducting their business for them.

These developments have led SacTownRoyalty.com to ask some big questions, such as: "Who is running the Sacramento Kings?"
Note the continued absence of the Maloof family in all of this. These sponsorships were pledged to the Sacramento Kings, owned and operated by the Maloofs, a member of the NBA. These businesses pledged this money because KJ told them that otherwise, the Kings would be gone. The NBA has the power to tell the Maloofs they must keep the Kings here in Sacramento, and to wield that power wants to ensure that KJ isn't selling wolf tickets. Again: it's a reasonable quest.
But collecting local sponsor money is usually a task left for the team. In fact, I cannot think of any instance in which the NBA would collect local sponsor money for a team that doesn't deal with an NBA takeover of a team (hello, New Orleans) and a situation where the local owners have become so poisonous that the NBA would rather take the time and bear the expense to basically do the owners' job for them.
The NBA should be commended for standing up for Kings fans and the Sacramento market, regardless of whether their actions are motivated in part by a skepticism towards the Maloofs, a desire to prevent an over-saturation of the Los Angeles market or other outside reasons. 

In such an unstable situation -- in the Sacramento market, its ownership group and in the league as a whole -- the less change, the better. That makes the hard money put up by Johnson and the Sacramento businesses that much more important and influential.
Posted on: April 22, 2011 6:39 pm
Edited on: April 22, 2011 9:12 pm
 

Report: Kings 'expected' to stay in Sacramento?

The NBA reportedly expects the Sacramento Kings to remain in Sacramento for the 2011-2012 NBA season rather than relocate to Anaheim. Postedmaloofsby Ben Golliver with reporting from Ken Berger.

After months of discussion about the likely relocation of the Sacramento Kings to Anaheim, the tables have apparently turned. 

The Los Angeles Times reported Friday that the Kings are now "expected" to remain in Sacramento for the 2011-2012 NBA season, citing NBA officials.
NBA officials now expect the Kings to play next season in Sacramento, league executives told The Times on Friday.
Whether the team, which was about to seek permission to move to Honda Center in Anaheim, stays in Sacramento beyond next season remains to be decided.
Fan efforts in Sacramento to keep the Kings have been ongoing for months. Sacramento Mayor Kevin Johnson, the former NBA point guard, has also been instrumental in presenting the city's case for keeping the team, appealing to the NBA's Boad of Governors to reconsider the merits of the Kings' relocation proposal. 

NBA commissioner David Stern says that Johnson's presentation provided significant new information, and the Times writes that it was essentially a game-changer.
"Mayor Johnson made certain representations about community support that he had secured," Stern said.
The NBA officials agree that if the Kings live up to all of their pledges, the team is expected to stay in Sacramento long-term.
When Johnson presented his lavish package with the Is dotted, the Ts crossed, the timetable specific and the funding package appearing to be credible, everything changed.
The Maloof family, which owns the Kings, has until May 2 to present its case for relocation, a date that exists after two extensions were already granted by the league. They could still pursue the relocation option, but it's possible the NBA's Relocation Committee wouldn't approve their proposal. 

Three sources told CBSSports.com's Ken Berger Friday night that NBA officials, led by Thunder owner Clay Bennett, have not informed the Kings or the city of Sacramento of any final decision on assertions made by Mayor Kevin Johnson to the Board of Governors about the city's renewed push to keep the Kings. Berger notes in an email:
One of the sources said a key component missing from plan, which includes additional sponsorships and a push for a new arena, is financing.
"Where is the financing?" one source said. "Where is the money?"
League officials are expected to convene with city officials Monday to complete the fact-finding mission. One of the sources told CBSSports.com said all signs point to a positive referendum on Sacramento's efforts to keep the team, but added, "It's not there yet."
The Maloofs, clearly frustrated with the 11th-hour effort after 13 years of unsuccessful attempts to get similar commitments from the city, have not yet made a decision on whether to apply for relocation to Anaheim by the extended May 2 deadline.
"We're anxious to look at what Kevin Johnson has been able to accomplish since he made a lot of assertions about the Sacramento market," co-owner Joe Maloof told CBSSports.com. "After the NBA does its due diligence, we'll evaluate it and go forward. But we have not made any decision one way or another."
The Sacramento Bee reported Friday that Joe Maloof denied the L.A. Times report, saying that nothing has been decided yet. "That is not what we are saying," Maloof told the paper. "We haven't said what we are going to say. We'll let you know when we know."

The Associated Press quoted Gavin's brother Joe with the same "no decision yet" message on Friday.
Maloof told The Associated Press on Friday that no decision has been made and he's "as anxious as anybody" to find out if Sacramento Mayor Kevin Johnson can deliver on his promise for more sponsorship support and finally finance a plan for a new arena.
"I don't know that Kevin Johnson's meeting in New York swayed the NBA one way or another, but I think that the NBA next week is going to go into Sacramento to verify a lot of the promises Kevin Johnson made to the board," Maloof said. "There were various sponsorship promises and a promise to show the board, once and for all, how a new arena not only will be planned, but financed."
SI.com also reported the decision has not yet been made but noted that things are looking "very good" for Sacramento.
After speaking to several highly-involved sources, I would say that it's still looking very good for Sacto but no decision yet. Maloofs are still considering Anaheim, according to sources. NBA's further investigation into mayor Kevin Johnson's claims next week.It's telling, however, that there is no current plan to analyze Anaheim situation further on part of the NBA.
Will they be the Sacramento Kings or the Anaheim Royals next season? That remains to be seen. But all the logistics involved in executing a relocation means the clock is ticking for Anaheim. Any delay or hiccup from here on out favors Sacramento.
Posted on: April 11, 2011 11:01 pm
 

Kings expected to make relocation pitch to NBA

Sacramento Kings owners Joe and Gavin Maloof are reportedly expected to make their relocation pitch to the NBA Board of Governors later this week.maloof-family Posted by Ben Golliver.

On Wednesday night, the Sacramento Kings close out their regular season against the Los Angeles Lakers. Less than 24 hours after the final buzzer, USA Today reports, the team's owners, Joe and Gavin Maloof, are expected to be in New York City, pitching their plans to relocate the franchise to Anaheim to the NBA's Board of Governors, which much approve any such effort. 
The Heat surrounding a potential move of the Sacramento Kings to Anaheim, Calif., has ratcheted up going into the NBA Board of Governors meetings Thursday and Friday in New York City.
Club owners Joe and Gavin Maloof are expected to make a presentation about relocating the franchise after 26 years in Sacramento. Last month, the board approved the Kings' request to extend the March 1 deadline for filing a relocation application to April 18. That gives the Maloofs "the opportunity to discuss its options," the NBA said in a statement.
Generally speaking, the relocation approval process is mostly a rubber-stamping, although pushback from Southern California's two current residents -- the Los Angeles Lakers and Los Angeles Clippers -- could require the Kings to pay a relocation fee or make other concessions.

On Monday night, Kings fans staged a "Here We Stay" event during the team's game against the Oklahoma City Thunder, creating and distributing group chants aimed at convincing the Maloof brothers to keep the team in Sacramento.

While details of the Kings' relocation effort have been kept relatively quiet, it is believed the team will change its name to the Anaheim Royals and play next season in the Honda Center.
Posted on: March 21, 2011 9:15 am
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