maloof bros feuding (joe+gavin vs george)

[BMiller52]

http://www.sacbee.com/2012/02/12/42...ho-do-we-want-to.html#storylink=scinlineshare

The Maloof family feud that developed last spring during the relocation talks, then cooled during the summer, has intensified. George Maloof hasn't been seen at a game here all season, and that's probably because he's been too busy sneaking around Anaheim, trying to revise and reconstruct the deal that was rebuffed by the league's relocation committee.
Joe and Gavin Maloof – who operate the Kings – aren't thrilled about brother George's solo act, and, of greatest significance to Kings fans, the two oldest Maloofs have become more entrenched in Sacramento and even less inclined to leave. They have taken an aggressive boots-on-ground approach to marketing, ticket sales and re-engaging the community.

Wasn't sure where to post this but it involves the team in general so I put it here. Not sure whether this is good or bad for us though.

 

[Krunker]

Sounds like a good thing to me if both Joe and Gavin are more entrenched in the community. Two out of three is a majority!

 

[JB_kings]

I'm not a big AV fan, but I liked her article today. I'm glad some writers at the Bee are standing up for what I think we can all see is right. They didn't always do that and it nurtured the emergence of the CAVE people.

The Maloof thing seems interesting. I'm not sure I'm 100% in belief. I think it is good in that it allows room for Joe and Gavin to have face saving if this deal gets approved and the ESC moves forward. They seem like they have a bit of a PR problem after last summer and perhaps AV and the boys thought this might do some positive PR if the team is staying. So no harm done at all asking us to believe this for now. If it goes the other way, well then it really doesn't matter.

Good work by AV, Marcos Breton and Tom Friery in Bee today.

 

[Bricklayer]

http://www.sacbee.com/2012/02/12/42...ho-do-we-want-to.html#storylink=scinlineshare



Wasn't sure where to post this but it involves the team in general so I put it here. Not sure whether this is good or bad for us though.

This actually isn't surprising, as there was no doubt that George was NOT Sacramento's friend last spring. I thought the move might initialy have been conceived of as a way to save George's casino business, but with that gone, he's still the guy with the least facetime in Sacramento/connections up there.

But all of this, feud or not, is controlled now by Sacramento. Please do something smart on Feb. 14th/in the next month, and George can scheme all he wants but the Kings should still be forced to stay by the NBA.

 

[JB_kings]

Sounds like a good thing to me if both Joe and Gavin are more entrenched in the community. Two out of three is a majority!

I think the voting Maloofs are: Joe, Gavin, George, Phil, Adrienne & momma Collen. So they could be a minority in the vote. But if any of the Maloof women had an ounce of savvy, they would realize that George and his brilliant business sense has destroyed much of their wealth. In fact all that remains is what he hasn't touched or is allowed to touch.

 

[Return To Glory]

This actually isn't surprising, as there was no doubt that George was NOT Sacramento's friend last spring. I thought the move might initialy have been conceived of as a way to save George's casino business, but with that gone, he's still the guy with the least facetime in Sacramento/connections up there.

But all of this, feud or not, is controlled now by Sacramento. Please do something smart on Feb. 14th/in the next month, and George can scheme all he wants but the Kings should still be forced to stay by the NBA.

Completely agree!

 

[BMiller52]

This actually isn't surprising, as there was no doubt that George was NOT Sacramento's friend last spring. I thought the move might initialy have been conceived of as a way to save George's casino business, but with that gone, he's still the guy with the least facetime in Sacramento/connections up there.

But all of this, feud or not, is controlled now by Sacramento. Please do something smart on Feb. 14th/in the next month, and George can scheme all he wants but the Kings should still be forced to stay by the NBA.

Yeah I know, Sac controls its own destiny right now. As long as we get it done, they stay. If we fail they leave no matter what. But if they stay and we do have to put up with the Maloofs, if they're feuding with George(who I always thought seemed like a dbag anyway) then that redeems them a bit in my eyes. Probably shouldn't, but it does.

 

[pdxKingsFan]

I think the voting Maloofs are: Joe, Gavin, George, Phil, Adrienne & momma Collen. So they could be a minority in the vote. But if any of the Maloof women had an ounce of savvy, they would realize that George and his brilliant business sense has destroyed much of their wealth. In fact all that remains is what he hasn't touched or is allowed to touch.

Their story has always been they won't do anything that isn't unanimous.

 

[ParniValjak]

Their story has always been they won't do anything that isn't unanimous.

Except they obviously did last year! George had to be dragged back after he had all but moved to Anaheim. He was not in favour of returning to Sacramento even for a year and was voicing his scepticism all along, even saying that Maloofs won't be going into the arena negotiations with open wallets. He was very much against returning to Sacramento even for a season.

 

[Section 101]

Except they obviously did last year! George had to be dragged back after he had all but moved to Anaheim. He was not in favour of returning to Sacramento even for a year and was voicing his scepticism all along, even saying that Maloofs won't be going into the arena negotiations with open wallets. He was very much against returning to Sacramento even for a season.

He probably had a side deal with Samueli buy part of the palms too.

 

[pdxKingsFan]

Except they obviously did last year! George had to be dragged back after he had all but moved to Anaheim. He was not in favour of returning to Sacramento even for a year and was voicing his scepticism all along, even saying that Maloofs won't be going into the arena negotiations with open wallets. He was very much against returning to Sacramento even for a season.

Well staying would constitute inaction, so that's kind of a non-issue. I suspect he had everyone sold at some point last year and between the emotional "final night" and the NBA pulling the plug on an obviously ill thought out move he lost at least Joe and Gavin.

 

[Kingsguy881]

The brothers Mafued.

 

[Larry David]

I might be a legit fight. Since the family is clearly working, at least, two cities at the same time, this smells like good cop / bad cop in the papers. No matter which city you live in, you've got a Maloof on your side.

Of course, either city gets owners that can't properly run or fund an NBA team.

 

[CruzDude]

George is the businessman of the group and maybe all he is doing is working on a Plan-B. Sure, we all want Kings to stay and we want a new downtown venue for them. But......... Nothing is cast in concrete yet. Maybe Joe & Gavin with their 100% Sacto attitude didn't even want him to look at a plan-B to dilute any local effort in Sacramento.

 

[Section 101]

George is the businessman of the group and maybe all he is doing is working on a Plan-B. Sure, we all want Kings to stay and we want a new downtown venue for them. But......... Nothing is cast in concrete yet. Maybe Joe & Gavin with their 100% Sacto attitude didn't even want him to look at a plan-B to dilute any local effort in Sacramento.

If you consider a degree in casino management a businessman. Joe has a degree in business. Funny part is Gavin has a degree in speech and communications. Guess they taught him to get over exited.

 

[bluntsnbball]

What is percentage of team ownership split? Isnt there an uneven % split amongst the maloof brothers or am i wrong? maybe its just b/c i only ever see gavin and joe but i could swear that those 2 have the majority of the shares.

 

[bajaden]

Considering George's great success at handling the casino part of the business, I don't think I'd be too inclined to listen to his advice. Apparently he went to the "Here today, gone tomorrow" school of business.

 

[Glenn]

What is percentage of team ownership split? Isnt there an uneven % split amongst the maloof brothers or am i wrong? maybe its just b/c i only ever see gavin and joe but i could swear that those 2 have the majority of the shares.

I think it's a family ownership and not divided among the each member of the family. When the doors are closed, maybe a few have more to say than others but I have heard the family makes decisions by consensus and if there is as much a battle going on as there has been hinted at, this is a problem for the Maloofs and maybe a positive for us. I wouldn't really know how to predict that although the default position, being in Sacto, is the easiest decison to make when no agreemnet can be made about anything else.

If George is on the outside looking in, I'm happy.

 

[Prince_XY]

Where will the franchise thrive more in this economic time? That is where every Maloof wants the Kings to go.

 

[Prince_XY]

Considering George's great success at handling the casino part of the business, I don't think I'd be too inclined to listen to his advice. Apparently he went to the "Here today, gone tomorrow" school of business.

I'm pretty sure the general state of the economy also has more to do with however the Maloof's casino business is performing and it's not just all George doing the sinking.

 

[PurpleHaze]

I think it's a family ownership and not divided among the each member of the family. When the doors are closed, maybe a few have more to say than others but I have heard the family makes decisions by consensus and if there is as much a battle going on as there has been hinted at, this is a problem for the Maloofs and maybe a positive for us. I wouldn't really know how to predict that although the default position, being in Sacto, is the easiest decison to make when no agreemnet can be made about anything else.

If George is on the outside looking in, I'm happy.

I think MSE is a Maloof family trust but their share of Kings ownership is around 65% with at least four other minority owners at around 35% (Joe Benvenuti, John Kehriotis, Dave Lucchetti, and Bob Cook).

On a side note: Even though Maloofs constantly make it clear the Kings are not for sale - that means their majority ownership position. You'd think Burkle or someone like him might try and entice some of the minority owners into selling shares - especially since Joe Benvenuti is nearly 90 years old and Bob Cook just declared bankruptcy.

 

[Glenn]

I think MSE is a Maloof family trust but their share of Kings ownership is around 65% with at least four other minority owners at around 35% (Joe Benvenuti, Jonh Kehriotis, Dave Lucchetti, and Bob Cook).

On a side note: Even thought Maloofs constantly make it clear the Kings are not for sale - that means their majority ownership position. You'd think Burkle or someone like him might try and entice some of the minority owners into selling their share - especially since Joe Benvenuti is nearly 90 years old and Bob Cook just declared bankruptcy.

I may have misread the thrust of the question. As the Maloofs control the Kings as majority owners or perhaps managing partners, I thought the question had to do with which Maloof had the most power. If they are managing pertners, they may even have the power to sell everybody's ownership. It all depends on the partnership agreement. The Maloofs call the shots and who has the biggest gun among the Maloofs? Just intuitively I would suspect the brothers who have the most to do with the Kings have the most input. Sheesh, for all we know, Gavin and Joe have always wanted to stay here but George, by virtue of his aggressiveness/nastiness, convinced them it was financially foolish to stay in Sacramento. At a time of financial panic, the rest of the family may have gone along.

In any case, they scared the crap out of the city and a new arena may be built and that makes whatever happened all good. The ball is in Sacramento's court.

 

[JB_kings]

I think MSE is a Maloof family trust but their share of Kings ownership is around 65% with at least four other minority owners at around 35% (Joe Benvenuti, John Kehriotis, Dave Lucchetti, and Bob Cook).

On a side note: Even though Maloofs constantly make it clear the Kings are not for sale - that means their majority ownership position. You'd think Burkle or someone like him might try and entice some of the minority owners into selling shares - especially since Joe Benvenuti is nearly 90 years old and Bob Cook just declared bankruptcy.

I don't recall the exact percentage, but thought it was closer to the mid to low 50%. They sold part of their original shares to Bob Hernreich. He is listed as a minority owner along with Benvenuti, Kehriotis, Lucchetti and Cook. I think buying up minority share doesn't amount to much as they are considered limited partners. So they don't get to vote.

But as interesting as all this goes is that the City of Sacramento can receive 10 million in shares of Kings ownership if the Kings vacate Arco Arena to move to another city. That doesn't come from the minority owners. And I wonder what the NBA used for collateral for the line of credit loans to MS&E? That doesn't fall on the limited partners. I guess what I'm trying to say here is that MS&E actual equity in the Kings may be pretty small. So selling the team right now would be the worst thing they could do. So I believe them when they say they do not want to sell.

Get a new arena with a great long term lease might actually be something Joe and Gavin need. George is the gambler who wants to move to SoCal and raise the value of the team. Or worse, purposely default on a series of loans from Samueli so that they can pocket the loan money and hand over the team.

 

[pdxKingsFan]

I'm pretty sure the general state of the economy also has more to do with however the Maloof's casino business is performing and it's not just all George doing the sinking.

The real estate crash was obvious to anyone paying attention, they didn't need to triple their investment at the height of the bubble. I don't know the internal politics of the family and maybe they had a good reason to sell the beverage distributorship that built their empire, but if as widely speculated is true and the rationale was simply to throw more good money after bad in a desperate attempt to maintain control of the Palms then he is an absolute dunce. No two ways about it.

 

[kennadog]

The Maloofs ownership of the Kings is more like 53%. That gives them the voting majority of the Kings ownership. I'd love to see Burkle here, but I don't think he wants to be a minority owner with the Maloofs. I would hope he could buy the majority. Buy out the several minority owners and enough of the Maloofs to hold majority interest. That way the Maloofs could still be owners, but woould have to bow to Burkle if their was a disagreement on anything.

I'd have to go back and review it (I have the deal papers at home), but "if" the ownership defaulted on the $70 million loan, I think there is a caveat that the league gets to buy the city's interest in the team. In the NBA, city's can't own teams.

 

[pdizo916]

I hope Burkle buys the whole damn team.