Kings Minority Owners want team to stay

[ReinadelosReys]

Cook said he called Gavin Maloof, whose family holds a controlling interest, two weeks ago after hearing rumors the Maloofs were negotiating with representatives at the city-owned Honda Center in Anaheim.

Maloof confirmed the family was in negotiations with Anaheim but did not offer details, Cook said.
"I can understand the frustrations of our majority owners," Cook said. "We need a multipurpose facility (in Sacramento to replace the current Natomas arena), and we haven't got anything done."

But if the Maloofs give Cook a say on moving the team, he'll say no, even if it puts more money in his pocket. He said that's because he and others, including Gregg Lukenbill, worked for years in the late 1970s and early 1980s to get the Kings here, and he doesn't want Sacramento to lose the product of that "labor of love."

"As far as what voice I will have, I don't know," Cook said Wednesday. "I've got my fingers crossed the Kings stay in Sacramento."

Read more: http://www.sacbee.com/2011/02/24/3426233/kings-minority-owners-want-team.html#ixzz1EtB9pgM2
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[PurpleHaze]

Bob Cook is really a good guy and bleeds Sacramento purple. More than that, he's been around town forever in development circles and real estate. I met him in 1987 when the team had just hired Bill Russell as coach and I sort of scoffed at the idea of the ex-Celt great being a "great catch" as Cook seemed to think. That's ancient history. One thing about Bob is he has always been connected, committed to the community (out and about visible) but I think even he realizes the stone-age mentality here (among City Council especially) makes it damn hard to do biz in this town. Heck, he's wealthy but he'd probably have made the Forbes list (along with Benvenuti's) like Maloof's did - but not in anti-business Sacramento!

 

[Glenn]

Bob Cook is really a good guy and bleeds Sacramento purple. More than that, he's been around town forever in development circles and real estate. I met him in 1987 when the team had just hired Bill Russell as coach and I sort of scoffed at the idea of the ex-Celt great being a "great catch" as Cook seemed to think. That's ancient history. One thing about Bob is he has always been connected, committed to the community (out and about visible) but I think even he realizes the stone-age mentality here (among City Council especially) makes it damn hard to do biz in this town. Heck, he's wealthy but he'd probably have made the Forbes list (along with Benvenuti's) like Maloof's did - but not in anti-business Sacramento!

Would he want to be a part owner of a team in Anaheim?

 

[PurpleHaze]

Would he want to be a part owner of a team in Anaheim?

I seriously doubt it since he's near retirement age. Plus, I don't think Bob Cook has ever made very much if any money on his Kings share (what is it, like 8%?). Pretty hard to make money on a professional sports franchise that hasn't turned a profit in years.

 

[Section 101]

I seriously doubt it since he's near retirement age. Plus, I don't think Bob Cook has ever made very much if any money on his Kings share (what is it, like 8%?). Pretty hard to make money on a professional sports franchise that hasn't turned a profit in years.

Maybe you should read the article before commenting.


Minority owners Bob Cook and Joe Benvenuti, who together hold a 25 percent stake in the team, said they adamantly oppose moving the team out of Sacramento. But both acknowledged as minority owners they may have little say in whether the team stays or goes.

"I don't want 'em to move, but there isn't much I can do about it," said Benvenuti, a Sacramento developer who owns a 15 percent share of the team and was one of the original group that brought the Kings from Kansas City.



Read more: http://www.sacbee.com/2011/02/24/3426233/kings-minority-owners-want-team.html#ixzz1EtlG3HhL

And to help with your math. 25-15=10 !

 

[PurpleHaze]

Maybe you should read the article before commenting.


Minority owners Bob Cook and Joe Benvenuti, who together hold a 25 percent stake in the team, said they adamantly oppose moving the team out of Sacramento. But both acknowledged as minority owners they may have little say in whether the team stays or goes.

"I don't want 'em to move, but there isn't much I can do about it," said Benvenuti, a Sacramento developer who owns a 15 percent share of the team and was one of the original group that brought the Kings from Kansas City.



Read more: http://www.sacbee.com/2011/02/24/3426233/kings-minority-owners-want-team.html#ixzz1EtlG3HhL

And to help with your math. 25-15=10 !

I read it but share's are divided not just three ways since there's at least two other minor owners. After Maloof's at what's said to be 51% there's Benvenuti at 15% and then the others. So I stand behind my call of Cook around 8% (it could be a bit less or bit more) as the other owners (one lives in Colorado) take up the rest of the pie. Also, shares change from time-to-time as someone buy more, someone buys less.

 

[kennadog]

Heck, he's wealthy but he'd probably have made the Forbes list (along with Benvenuti's) like Maloof's did - but not in anti-business Sacramento!

Which Forbes list? I've looked over the last several years and have never seen a single Maloof name on the Forbes billionaire list. On the other hand, I have see Cuban and Paul Allen (he's up there on the list!) on there.

 

[Section 101]

I read it but share's are divided not just three ways since there's at least two other minor owners. After Maloof's at what's said to be 51% there's Benvenuti at 15% and then the others. So I stand behind my call of Cook around 8% (it could be a bit less or bit more) as the other owners (one lives in Colorado) take up the rest of the pie. Also, shares change from time-to-time as someone buy more, someone buys less.

I bolded the parts to make it easier. Cook and Benvenuti own 25% together. Benvenuti owns 15% therefore Cook owns 10%. The other minority owners have 24%. Maloofs 51%, Benvenuti 15%, Cook 10% = 76%. And people think math is useless out of school.

 

[PurpleHaze]

Which Forbes list? I've looked over the last several years and have never seen a single Maloof name on the Forbes billionaire list. On the other hand, I have see Cuban and Paul Allen (he's up there on the list!) on there.

I was refering in past tense - probably nearly ten years ago when they were on that list. No where near the top of course like Allen, Cuban.

 

[Section 101]

Which Forbes list? I've looked over the last several years and have never seen a single Maloof name on the Forbes billionaire list. On the other hand, I have see Cuban and Paul Allen (he's up there on the list!) on there.

A single Maloof wont be. But the family together is close or at least they were at one point.

 

[kennadog]

I was refering in past tense - probably nearly ten years ago when they were on that list. No where near the top of course like Allen, Cuban.

Some people forget that the Maloof wealth is split among mama Maloof and her five kids. Of course, we have no idea of the percentage each family member has.

 

[PurpleHaze]

I bolded the parts to make it easier. Cook and Benvenuti own 25% together. Benvenuti owns 15% therefore Cook owns 10%.

Surely you don't want to nit pick over 2%! I said Cook had around 8% more or less. Like I said, he and the others buy and sell shares among themselves at times. Surely you are smart enough not to believe everything you read in The Bee who makes mistakes all the time and in this case didn't even mention the other share holders.

 

[Section 101]

Surely you don't want to nit pick over 2%! I said Cook had around 8% more or less. Like I said, he and the others buy and sell shares among themselves at times. Surely you are smart enough not to believe everything you read in The Bee who makes mistakes all the time and in this case didn't even mention the other share holders.

No they dont buy and sell all the time. This isnt the stock market. Each transaction has to be approved by the league at their meetings.

 

[PurpleHaze]

A single Maloof wont be. But the family together is close or at least they were at one point.

I don't want to discuss the Forbes list forever but I do remember a Business Journal article from years ago that pointed out that there were only two Central Valley tycoons on the list - Alex Spanos and the Maloof's. I assume Spanos would still be on the Forbes multi-billionaire list.

 

[Capt. Factorial]

Surely you don't want to nit pick over 2%! I said Cook had around 8% more or less.

He wasn't nitpicking over 2%. He was pointing out that published numbers and basic subtraction indicate 10% while you were simply throwing out a wild guess. The published numbers might not be right (though I'm pretty confident on the subtraction given that the numbers are right!) but that's still better than a wild guess. Wild guesses are OK, what's mystifying is that you want to stick with your wild guess after more confident (even if not 100% confident) numbers are out there!

 

[Section 101]

I don't want to discuss the Forbes list forever but I do remember a Business Journal article from years ago that pointed out that there were only two Central Valley tycoons on the list - Alex Spanos and the Maloof's. I assume Spanos would still be on the Forbes multi-billionaire list.

Spanos is still on it.

http://www.forbes.com/lists/2006/10/CJLF.html

$1.3 billion.

My hope was that he would come in and build an arena and football stadium. Then move the Chargers here.

 

[PurpleHaze]

Spanos is still on it.

http://www.forbes.com/lists/2006/10/CJLF.html

$1.3 billion.

My hope was that he would come in and build an arena and football stadium. Then move the Chargers here.

He's what now 85 years old and bascially retired at his home in Acampo. Seems he's always favored Stockton over Sacramento as far as personal focus, regional development and civic philanthropy. His sons I know run most of the biz nowadays including all operations of the Chargers. That said, Alex Spanos is one of my "local" hero's and I don't have that many.

 

[Section 101]

He's what now 85 years old and bascially retired at his home in Acampo. Seems he's always favored Stockton over Sacramento as far as personal focus, regional development and civic philanthropy. His sons I know run most of the biz nowadays including all operations of the Chargers. That said, Alex Spanos is one of my "local" hero's and I don't have that many.

He donated to the Sacramento Hospital that did his heart surgory. He built the stadium at Sac State. He's a northern cali guy.

 

[captain bill]

I saw this in the Bee this morning, and am glad someone posted it. This is great news, as I'm sure the last thing the Maloofs want is minority owners trying to sell their stakes in the team. Yeah, if they go to Anaheim they can probably find an investment group to pick up the slack, but it seems like this would add to their concerns about debt and liability. While the Maloofs can certainly go ahead without minority owners, its going to put a big damper on their plans if they also have to deal with selling part of the team (and possibly taking on more expenses in the meantime, even maybe having to buy out some of the other owners).

 

[RookieOfTheDay]

Man it really sucks that the fate of The Kings lies in the hands of a family of heirs with a crumbling financial empire that only own 51% of the team anyways.

 

[Glenn]

Man it really sucks that the fate of The Kings lies in the hands of a family of heirs with a crumbling financial empire that only own 51% of the team anyways.

We differ. The future lies in the hands of the people who have the power to build an arena. If there is an arena, they stay. Without it, they go. It's business.

 

[RookieOfTheDay]

We differ. The future lies in the hands of the people who have the power to build an arena. If there is an arena, they stay. Without it, they go. It's business.

I think the "it's business" line is a bit trite and inaccurate (not directed at you, just the line). The other owners of the team don't seem to think a move is the answer, so it's not that black and white. A move to Anaheim is risky at best and would not even be entertained by many business people.

 

[Glenn]

I think the "it's business" line is a bit trite and inaccurate (not directed at you, just the line). The other owners of the team don't seem to think a move is the answer, so it's not that black and white. A move to Anaheim is risky at best and would not even be entertained by many business people.

The other owners are Sacramento citizens as far as I understand. They don't want part ownership in a team in Anaheim.

 

[PurpleHaze]

The other owners are Sacramento citizens as far as I understand. They don't want part ownership in a team in Anaheim.

While I agree generally with your line of thinking here, some of the other owners/share holders are not from and do not live in Sacramento. One lives in Colorado. We don't know if all of them are against the move, in favor of move, or have no opinion.