SBD/19/Franchises

KINGS FOR A DAY: MALOOF FAMILY BUYS NBA KINGS AND ARCO ARENA

          The NBA Kings announced Friday that the Maloof family
     of NM "will assume controlling interest" of Capital Sports &
     Entertainment, the company that includes the Kings and Arco
     Arena, effective July 1, according to Martin McNeal of the
     SACRAMENTO BEE.  After the deal was announced, Gavin and Joe
     Maloof said that they had "no plans" to move the team from
     Sacramento.  Current majority Owner Jim Thomas said he will
     remain as the company's CEO until July 1 and will work with
     the Maloofs "to help ensure a smooth transition."  Though no
     financial terms of the deal were disclosed, Thomas is
     "expected" to retain a small part of the team.  The Maloofs
     purchased a 25% share of the team in January '98 for
     approximately $40M.  Thomas said his decision to sell his
     stake in the Kings was "influenced" by new business
     interests he wants to focus on, as well as the team's
     "cloudy position" in the free agent market.  Thomas: "[The
     free agent situation] had some bearing on it.  We have been
     talking with some people who wanted to know about what the
     future would be like for the team.  So once I made the
     decision, it made sense to get the Maloofs involved so we
     could have a united front" (SACRAMENTO BEE, 1/16).
          DOUBTING THOMAS? Thomas, who took control of the Kings
     in '92: "I'm glad I had the experience.  I'm disappointed
     with the level of success.  I truly believed and expected
     that we would be in the NBA Finals in three to four years. 
     I had no idea about the salary cap and a lot of other
     impeding things" (SACRAMENTO BEE, 1/16).  
          MALOOFS NOT ALOOF: Gavin Maloof said that his family
     "plans to be aggressive in the pursuit of talent."  Maloof:
     "We're pro-active.  We've got money, and we're committed to
     putting a better product on the floor" (Martin McNeal,
     SACRAMENTO BEE, 1/16).  Also in Sacramento, Mark Kreidler
     suggested that the Maloofs establish residency in
     Sacramento, as Thomas was perceived by the local fans as a
     "complete outsider" because he never left L.A. to establish
     residence in the city (SACRAMENTO BEE, 1/16).

Return to top

Related Topics:

Franchises, NBA, Sacramento Kings

Video Powered By - Castfire CMS Powered By - Sitecore

Report a Bug