Tag: Maloof brothers

George Maloof, Gavin Maloof, Joe Maloof

Kings deny GM Geoff Petrie’s job in danger. Of course.


This is the cycle of things. First comes the report yesterday that the Kings — or at least part of the Kings management — has started to look at potential replacements for general manager Geoff Petrie.

Now, comes the routine denial. From co-owner Joe Maloof via the Sacramento Bee.

“No, this is not true,” Maloof texted The Bee. “I had heard about (the rumor). We will be fine. We have had the toughest schedule in the league by far.”

Three thoughts.

First, of course he said that. What else is Maloof going to say? Whether or not the report about Petrie is true Maloof is going to give his GM a vote of confidence in a public forum. To think that what the owner tells a paper in a text message is “forceful” or unvarnished truth is to be truly naïve.

Second, the Kings should be thinking about a replacement. Petrie had some good years there but he hasn’t in a while. The Kings are not very good but are very mismatched, and it is Petrie who brought in the players and hired a succession of bad coaches.

Third, the condescending tone from the Bee about the blog Sactown Royalty (where the first report came from) is really unnecessary. The guy who runs Sactown (Tom Ziller) is from a newspaper background and isn’t a sensationalist. Fact is, the analysis of the Kings has been better at Sactown than it has been in the Bee for years. There’s a reason everybody reads it.

Maloofs say that they will be flexible with March 1 arena deadline

KevinJohnson and Gavin Maloof laugh
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We expect the Sacramento Kings arena news to pick up now that we’re about three months away from the March 1 deadline for the city to have funding in place. That deadline has put Kevin Johnson and his Think Big Sacramento effort on a tight, tight schedule, but so far they appear to be on track.

Johnson may have gotten a small amount of breathing room on Thursday, however, when Joe and Gavin Maloof said that there may be some flexibility with their March 1 deadline (courtesy of Cowbell Kingdom):

“I’m sure we’ll always have flexibility,” said the oldest of the Maloof siblings. “The league has always been flexible … so I don’t know about that (a firm deadline.). There are a lot of people working in a positive vein this time, where before, there was a lot of negativity. But everybody is on board. So we’re optimistic guys. We want to get it done here in Sacramento.”

Added Gavin Maloof:

“We’re very happy to be here. Obviously the city and the fans have meant a lot to us over the last 12-13 years of our ownership.”

This doesn’t mean that the Maloofs are going soft here, but it does mean that if there is genuine progress that some leeway will be given. That occurs when there is trust, and Johnson has brought a new level of credibility to the table for a city that hasn’t cared about retaining an NBA team.  And let’s be honest, trust also comes when one brings together a who’s who list of heavy hitters that can get an arena built.

Of course, trust can also be built when one man twirls another man in front of thousands.

Johnson and AEG president Tim Lewieke will meet with NBA commissioner David Stern on Friday, who is handling the negotiations for the Maloofs. After the lockout and Chris Paul fiascos, Stern finally has some time on his hands and chances are we’ll have a good idea of where each side stands shortly.

The NBA, the Maloofs, and AEG are all expected to pitch in for the $406 million price tag, but the question is how much. The Sac City Council voted 7-2 on Tuesday to formally secure proposals from parking lot operators that could free up $200 million or more toward the effort.  Some or all of this will be combined with the sale of city land, user fees, and other creative funding sources. Rob McAllister and Jonathan Santiago out of Sacramento also reported Thursday that more funding sources are popping up, which is what happens when inertia moves toward critical mass.

Pretty soon each side will have to lay their cards on the table, and if it doesn’t happen in full on Friday night it will be soon thereafter.

Thursday the Maloofs appeared to be cautiously optimistic that Johnson will deliver the goods. Heck, they appeared downright jovial, and why wouldn’t they be? Fan interest in Sacramento is at a recent high-water mark, and they’ve had the second-highest group sales in the league.

But more importantly, they’re about to get a bunch of money from large market owners. When asked if they were happy with revenue sharing they could barely contain their relief:

“Yes, yes … very, very happy,” said Gavin. “It’s increased probably four or five times from what it was. It enables small market teams to compete with large market teams, and I think it’s closing that gap.”

So what once looked like a full court shot attempt has slowly gotten closer. After months of wrangling, many have said that getting the deal done is now a 3-point shot. After Friday’s meeting, perhaps it will be a free throw. Whatever the case may be, these are not the same brothers that stormed angrily out of the New York Board of Governors meeting in May. They’re happy, loose, and it appears like they truly want to stay in Sacramento. If you’re a Kings fan reading tea leaves, the events of the past week have all been good signs.

We’ll see if everybody is still happy after Friday.

Power Balance name may come off Sacramento Arena

Arco Arena
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The Kings stood by Power Balance when the company filed bankruptcy. Because the Kings can’t turn their back on anybody who might give them money right now.

But it looks like the Kings will not be seeing any more money from Power Balance and the company name may come off the Sacramento arena where the Kings play, reports CSNBayArea.com.

The Sacramento Bee is reporting that Power Balance LLC, which filed for bankruptcy protection last month, will likely be sold as a result and court papers say the potential buyer isn’t interested in maintaining the marketing deal with the Kings…

It is possible that Hanyang LLC, the company reported as the frontrunner to buy Power Balance, could retain the contract with the Kings, or another company could outbid Hanyang and keep the current naming deal with the Kings intact.

Power Balance makes wristbands for athletes that are supposed to provide more balance and strength, but there are very serious questions about the validity of the company’s claims.

The Kings will not be in this arena long, one way or another. The city of Sacramento has until March to come up with a viable plan for a new arena and a way to finance it or the Maloof Brothers, who own the Kings, will pretty much be given free rein to move the team to Anaheim. The Maloofs wanted to do that last year but the other owners blocked the move to give Sacramento one more chance to get a new building (something that was smart business due to the lockout).

Would lost season increase chances Kings move to Anaheim?


You want to know why NBA owners were willing to cut off the Maloof brothers at the knees, block a Kings move to Anaheim and give Sacramento one more shot to keep its only major league sports franchise?


The owners have understood from the start this was going to be a long and ugly NBA lockout. And even if this were a situation where the league and players had reached a deal this week, the ability of the Kings to win over fans in their new home was compromised. “Hey, we’d love you all to pay to come out and see us play, as soon as we are done arguing about how to split up your money.”

So Sacramento got one more chance — a real chance to get plans for a new arena moving forward enough to keep the team.

But can they pull that off in the wake of a lost season? Mayor Kevin Johnson worked hard to rally businesses and fans, to show the groundswell of support for the team. Now is that all being thrown out with the first months of the NBA season (at least)?

USC Sports Business Institute executive director David Carter told the Orange County Register things just got a lot tougher for Sacramento and look better for Anaheim.

“Missing a meaningful amount of the upcoming NBA season will certainly have an effect on Sacramento’s interest, willingness, and ability to keep the Kings,” Carter said. “Public sentiment about the lockout doesn’t help anyone, but it can really impact any franchises that are in flux.”

Sacramento’s chance to keep the Kings is real, but it already had a lot of challenges. Then this week Billy Hunter threw another big hurdle out there on the track. Like the whole lockout, it doesn’t seem fair, but it’s reality.

Kings minority owners may be forced to sell share of team

Image (1) Kings_logo-thumb-250x355-16479-thumb-125x177-16480.gif for post 3841
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Because the Kings didn’t have enough instability in their organization right now….

A long-standing minority owner of Sacramento may be forced to sell his share of the team soon as he had the misfortune of putting a lot of his money behind a new luxury hotel that opened right as the economy started to tank, the Sacramento Bee reports.

Veteran Sacramento developer Bob Cook, who’s been a part owner of the Kings since the 1980s, is buried under millions of dollars of debt and could surrender his 7 percent share of the team….

Cook put up his Kings stake as security when he borrowed $10 million from Omni four years ago, according to court records. He defaulted on the debt, which now totals $13 million. It’s unclear what will happen to Cook’s 7 percent stake in the team. In court papers, Cook says his Kings ownership stake is exempt from the bankruptcy proceedings.

This does not directly impact the Maloof brothers, who are the primary owners of the Kings. They also completely run the show and Cook had said last summer — while the Maloofs were working to move the Kings to Anaheim — that he couldn’t even get shown the proposed lease deal in Anaheim. Cook is not exactly a team insider.

This probably has no impact on efforts to keep the Kings in Sacramento, other than if a sale of the team does go down there will be more pieces available.