The conventional wisdom has been that part of the reason the Maloof brothers worked so hard to move their Sacramento Kings to Anaheim was to deal with debt problems — they were so overrun with debt in other areas of their lives they needed to moved the Kings to a higher-revenue place.
That may not have been true — there were signs to the contrary — but it is all moot now. The Maloofs have wiped out their debt problems at the Palms in a deal with creditors, according to the Sacramento Bee.
The owners of the Sacramento Kings have surrendered controlling interest in their Las Vegas casino, in a deal that they say improves their finances considerably.
After months of negotiations, the Maloof family announced Tuesday that it has reached a “recapitalization” agreement with the Palms Casino’s main creditors, investment firms TPG Capital and Leonard Green & Partners.
Co-owner George Maloof said the deal erases the Palms’ debt but leaves the family, which built the trendy casino a decade ago, with less than 50 percent of the equity. That gives controlling interest to TPG and Green.
The Maloofs still have a share of and will operate the trendy casino.
What does that mean for the chances of the Kings staying in Sacramento? Hard to say, but if you believe that the Maloofs debt was the pressure forcing the move to Anaheim, then that pressure has been relieved. Which should give Sacramento a better chance. George Maloof told the Bee that the family is in a much better financial place now with this deal.
But it really all comes down to the plans and financing for a new arena. If that can get approved, in whatever form, the Kings will stay. If not, we’re all going to Disneyland.
The Spurs beat the Mavericks by 26 points on Friday night, a game all of the Dallas players would love to forget. But there was a funny moment for rookie big man Salah Mejri: after a dunk, he appeared to yell something at the San Antonio bench. Gregg Popovich and Tim Duncan were completely nonplussed.
For what it’s worth, Mejri later tweeted that he wasn’t intending to be disrespectful.
Hassan Whiteside recorded a triple-double last night against the Hornets, and his tenth block was particularly impressive. He didn’t so much block Marvin Williams‘ layup attempt as pluck it out of the air with one hand. It almost looks like it should count as a block, rebound and steal at the same time.
The NBA world has taken notice of the water crisis in Flint, Michigan. In Thursday night’s home game against the Knicks on TNT, Pistons players wore warmup shirts that read “FLINT NOW,” and the organization announced a $500,000 donation towards providing clean water for residents of the town.
Former Pistons great and general basketball legend Rasheed Wallace went even further, according to a tweet from his alma mater, the University of North Carolina:
Sheed obviously has a connection to Michigan, having played in Detroit for six years (including on the 2004 title team) and serving as an assistant coach for the Pistons during the 2013-14 season. This was an incredible gesture by him for the residents of a town that has been without drinkable water for a long time.
The Kings are a complete mess right now. After a loss to the Nets on Friday night, the team is reportedly considering firing head coach George Karl, who has been with the team for just about one year, and DeMarcus Cousins says they have “a bigger issue than the players.”
But, on the bright side, Cousins is still a monster on the court. During the Nets loss, he posted a triple-double with 24 points, 10 rebounds and 10 assists, showing why he’s the one thing about this franchise that is going to be worth talking about long-term.