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THE MALOOFS ARE ON FIRE AFTER THEIR PURCHASE OF THE KINGS
Published January 16, 1998
The NV and NM-based Maloof family has bought a 24% share in the NBA Kings, Monarchs and Arco Arena, according to Gary Delsohn of the SACRAMENTO BEE. The deal, worth $37.5M, "fulfills a dream" of the four sons of late Rockets Owner George Maloof, who have wanted "to re-enter the pro sports fraternity" after they sold the Rockets upon their father's death in '80. Gavin Maloof, on the sale of the Rockets: "That was not one of our smarter decisions." The Maloofs said it's "nothing but speculation" about whether they will seek to exercise options contained in the deal to "buy out" Kings Managing General Partner Jim Thomas and other partners (SACRAMENTO BEE, 1/15). In Las Vegas, Matt Jacob wrote that the Maloofs' announcement "immediately triggered speculation that the Kings would abandon Sacramento and possibly move to Las Vegas" (REVIEW-JOURNAL, 1/15). But Joe Maloof said that they have "no plans" to move the Kings, but "would like" the team to play "a few games" at The Pit in Albuquerque, NM (SACRAMENTO BEE, 1/15). In Las Vegas, Matt Jacob reported that as part of the deal with the Kings, the Maloof-owned Fiesta casino "can no longer book NBA games" (L.V. REVIEW-JOURNAL, 1/15).