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 second round was supposed to be when things got exciting. Instead, the San Antonio Spurs put on an absolute clinic at home, blowing out the Oklahoma City Thunder, 124-92 to take a 1-0 series lead.
Just about everything went in for San Antonio, particularly for LaMarcus Aldridge and Kawhi Leonard, who combined for 63 points. How dominant were they?
Aldridge in particular got anything he wanted against the Thunder. Oklahoma City’s stars were quiet, with Kevin Durant scoring just 16 points and Russell Westbrook 14. San Antonio controlled the game from the start and Oklahoma City never recovered from the opening punch.
It’s hard to imagine Durant and Westbrook are this ineffective again, and hopefully the rest of this series will be a little more competitive. But the Spurs did what the Spurs do, and did nothing to shake the feeling that they’re the favorites to win the west, now that Stephen Curry‘s status is unknown.
ATLANTA (AP) A year ago, Atlanta’s magical season ended with a resounding sweep by Cleveland in the Eastern Conference final.
Now, the Hawks have another shot at LeBron James and the Cavaliers.
Feeling confident after an opening-round victory over Boston, the Hawks returned to practice Saturday to begin preparations for the best-of-seven series.
Game 1 is Monday night in Cleveland.
The Hawks were the top-seeded team in the East last season after a record 60-win campaign. It didn’t do them much good against the Cavaliers, who steamrolled Atlanta in four straight games.
Even though they slipped to 48 wins and fourth in the conference, the Hawks actually sound a bit more confident heading into this matchup, largely because of their improved defense and rebounding.
For the second consecutive year, the Warriors have lost their lead assistant to another team. When the Pelicans hired Alvin Gentry during last year’s playoffs, Steve Kerr promoted Luke Walton to associate head coach and added former journeyman big man Jarron Collins to the bench. Now that Walton is headed to the Lakers as their next head coach, the Warriors will go outside the organization to find a replacement, according to ESPN.com’s Marc Stein. And one name that will likely not be in the mix is David Blatt, who very nearly became an assistant under Kerr in 2014 before being offered the Cavaliers’ head job.
Given Walton’s success this season as interim head coach while Kerr recovered from back surgery, this will undoubtedly be the most attractive assistant job in the league.
In the last few years, NBA head coaching salaries have skyrocketed, and new Lakers coach Luke Walton is no exception. According to the Los Angeles Times‘ Mike Bresnahan, Walton is getting $25 million over five years, which is the same as Steve Kerr’s deal with the Warriors, now-former Knicks coach Derek Fisher’s deal in New York, and Fred Hoiberg’s deal with the Bulls.
This kind of money has become standard for head coaches who don’t also have front-office power. Tom Thibodeau and Stan Van Gundy both get between $7 and $8 million annually to do both jobs. Given how good Walton’s current situation with the Warriors is, the Lakers probably had to be on the high end of the coaching spectrum to get him to leave.